Data Privacy and the Significance Thereof

Data is one of the company’s most significant assets. The growing data economy makes it extremely important for businesses to collect, exchange and use data. Firms like Google, Facebook and Amazon have built empires over the data economy. Transparency in how organisations seek their permission, comply with their privacy policy and handle their collected data is important to create confidence and transparency with consumers and partners who demand privacy. Many organisations have learned the significance of privacy the difficult way, through highly publicised privacy fails.

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Why is Data Privacy So Important?

During the digital era, we usually extend the principle of privacy to vital personal data, such as PII’s and personal health information (PHI). It may also include identification numbers, insurance and health records and financial details including bank and credit card numbers, and even basic but still vulnerable information such as full names, addresses and birth dates.

Data privacy for a company stretches beyond the personal details of its personnel and clients. It also provides information to help the organisation work, whether its own data on research and development or financial information to demonstrate how it spends and invests its money.

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Data Security vs Data Privacy

Organisations are often persuaded that safeguarding confidential data from hackers inevitably means compliance with data security laws. That’s not the case.

Data security and data privacy are commonly used interchangeably, but there are distinct variations:

● Data security safeguards data from external assaults and malicious insiders.
● Data privacy controls the collection, sharing and application of data.

Consider a situation in which you have worked hard to protect your personal details (PII). Data is encrypted, access is restricted, and many overlapping surveillance systems are in place. However, you could break a privacy policy if the PII is being collected without correct permission, even if the data is protected.

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Final Thoughts

Understanding the risks that could impact your sensitive data is an important part of any cybersecurity program. Taking a detailed look at your current security landscape and how you are set up to prevent, detect and respond to incoming threats is an important part of any cybersecurity program.

Only after you understand the real risks your secure environment faces can you begin to formulate a plan to protect it.

Here at TakenoteIT we pride ourselves in securing digital assets via our portfolio of cybersecurity services to find out more contact us on