Understanding Data Privacy and Why It Needs to Be a Priority for Your Business

Data Privacy and Why It Needs to Be a Priority for Your Business

Data is considered an important asset. Thus, data sharing and collection can become a huge business in our current digital economy. However, for the business to successfully and safely take advantage of the collected data, they must have safeguards to ensure that the data is locked tightly and consumers and keys are not subject to any uninvited surveillance. 

As lots of businesses are collecting increasing amounts of information from their customers, these customers must see the potential negative effects of this action. It is more important today to have data privacy than before, so businesses must be concerned with their data privacy procedures and policies for a variety of reasons. Given that, we are going to discuss the importance of having tight data privacy, as well as other connected topics. In this way, you and other fellow business owners can realize how vital considering safety and privacy are. 

Data Security vs. Data Privacy 

Data security protects your business’s data from getting used or accessed by malicious invaders. It is unique from one business to another and depends on the type and amount of data being stored and collected. On the other hand, data privacy refers to the processes and policies that dictate who the business will collect, use, and share data. It is often informed by federal or state laws that apply to different businesses in an industry or certain location. 

Both of these are crucial as bulletproofs against malicious access and usage. Without these, your business will encounter an incomplete program that will soon leave you prone to costly mistakes and attacks. 

Types of Data Privacy Regulation 

Data Collection 

This type of regulation guides when and how businesses will collect data about their consumers and whether the people need to be notified about their data being collected. 

Data Access

This type of regulation provides a guideline for the levels of access entitled to consumers and how access to internal information should be handled. 

Data Breach 

This type of regulation guides the businesses regarding what actions they must take in connection to the data breach, such as providing notifications to customers and agencies, taking steps in ensuring the stop of the same breach from happening again, and tracking the breach’s information. 

Data Privacy Training 

This regulation provides guidance to whom your business needs to be trained about data privacy. This is usually something that is needed by every employee to meet the regulations. 

Data Storage 

This regulation governs how the data must be kept to be safe. There are more specific regulations than others, and it usually covers things such as the security of infrastructure storage and the amount of time for the data to be stored. You can use data management tools, for the easiest solutions

How to meet data privacy regulations? 

To meet the data privacy regulations, here are some steps that you need to consider. 

1. Determine the compatible data privacy regulation to your business

If internal data privacy experts are not on your hands or control, you must consult with an external legal expert and firm. These will help you determine the most compatible data privacy regulation that you can apply to your business, as well as how feasible it is to comply with regulations. 

As there are continuous emergence and changes in technology today, regulatory bodies and legislators will update new regulations to improve consumer protection. Your business must make an effort to stay put with these regulatory changes in the realm of data privacy. Also, you can join industry associations. One of the best associations that you can consider is the International Association of Privacy Professionals, as this is the most comprehensive and largest privacy community in global information. 

2. Establish your data privacy policy 

In doing business, the first needed thing is for you to understand and build your data privacy procedures and policies. This is a concern that must be addressed as much as possible to avoid committing mistakes in the end. These questions can help you realize who you’re selling and marketing to. 

  • Who are the product’s users? 
  • What is the information’s sensitivity level?
  • What does your business do with all of the collected information and other related data? 
  • What information will be collected about the users? 

You can start with an inventory of data that includes the collected data of consumers for you to have a central record. This will be composed of the collected data and the place where it is stored. 

Again, if you are going to implement data privacy or cybersecurity standard, you must get help from professional and qualified consultants. These include software vendors who possess the expertise, as well as the auditors. 

3. Regularly conduct internal audits 

For a business that complies with multiple data privacy and cybersecurity regulations, it is important and crucial to have an internal auditing practice. It must have a dedicated and knowledgeable professional to keep in charge of providing access to proper tools and auditing the compliance processes. This is the best way to determine potential problems and prevent these from happening, such as a significant data breach. 

Business and Data Privacy 

For modern businesses and organizations to survive, it is only vital to consider having data privacy. This is because it helps in embedding data privacy into all policies or processes that touch the data of consumers within the system. It doesn’t matter how big or small your business is, how many people are in the compliance team, or how mature the compliance program is – businesses must make room for improvements in data privacy. 

You can take time in evaluating and assessing your company’s data privacy practices and policies to ensure that the resources will be properly utilized at disposal to shield the data of clients, their trust, and the business’ bottom line. 

So, it is only important that you must consider having profound data privacy as early as you can. In this way, your business will be free from any harm or malicious access and further embrace nearing success. Take action now to avoid regrets in the end.