There has never been a time whereby data have become of greater importance than now. With the right data (coupled with proper processing and interpretation), companies are capable of earning billions of dollars. Over time, firms have started to misuse it. Though it’s crucial to remember that data privacy and protection laws have sprung up to protect individuals and empower them.
In this article, we have compiled information that each company, regardless of the industry, should know when it comes to data protection and privacy.
For you to ensure that your data are safe, you need to know where they are coming from, going and who the users are. Surely you will need certain data mapping tools. Since we are dealing with sensitive data, don’t just go looking for any. Choose the best things. And if you opt for a good quality then an Ethyca data mapping tools can be the option you need.
Data privacy and data security are not synonymous.
These two terms have been used interchangeably in the past but they mean totally different things now. Data privacy refers to the compliance and adherence of the company/ organization to privacy and data protection laws. Data security on the other hand, focuses on the measures and protocols that the organization has put in place to bar third party users.
These two terms might be used interchangeably because both are required for data in your company to be safe.
Transparency and accountability
Today’s market is very competitive. In a single market niche, you can find thousands of companies offering almost similar products and services. Companies would want to get a foothold over their competitors and that’s where they contravene privacy laws to get users’ data and manipulate information to their advantage.
You can set yourself apart through the use of consent management platforms. Clients and customers value companies that openly offer consent preferences in terms of personal data collection. It means that the client is always in control of his own data.
The importance of privacy
This issue has been documented in journals and reports. It has also been seen in multinational companies that have been questioned on a global scale. Every human being has the right to privacy. This is an unmovable right that each individual and organization must accept. One of the laws implemented to this effect is the GDPR, the General Data Protection Regulation of 2016.
Earlier, we have briefly stated the implementation of the GDPR. The statute has set provisions and regulations that if contravened are tantamount to an illegality. However, even at the time of writing this article, there are companies whose websites don’t adhere to the regulations of the GDPR. This puts them at risk of lawsuits and fines.
For instance, Facebook is one of the multi-national companies that was on the receiving end of billion-dollar inquisitions. There were cases of mishandling of user data and data breaches. So it’s better to keep those things in mind.