The importance of a data privacy strategy
Privacy has become a hot-button issue for many organizations, with the introduction of the General Data Protection Regulation (GDPR) from the EU and the Protection of Personal Information Act from South Africa.
The mishandling of personal data can result in serious financial consequences or reputational damage.
Customers are becoming increasingly privacy-aware, with many demanding that the companies they engage with have demonstrable privacy practices.
- Most organizations have never operated with a privacy-first perspective – meaning that there are many gaps in the process to ensure personal data is handled appropriately.
- Organizations may think the security they have in place is sufficient to meet their privacy requirements, but privacy and security are two different functions.
- Operating with privacy first will reduce your sales cycle, increase employee effectiveness, and increase competitive advantage.
- Privacy should not be seen as a burden to organizations but instead as an opportunity. With a privacy program in place, you can meet customer demands while also working to better prevent and handle data breaches.
Impact and Result
- Don’t wait until a privacy incident occurs to force action – start building a privacy program now.
- Integrating privacy into the organization will ensure that personal data is only being collected for legitimate reasons while also helping to minimize the impact of a potential breach.
- Further, it will push the organization forward in terms of efficiency and customer trust, as there is growing privacy demand from all types of customers.
- Use Info-Tech’s Privacy Framework to understand your current state of privacy and to define what the target state looks like for the organization.
Tandem CIO's Data Privacy approach
Implementing Data Privacy policies and regulations
A common assumption is that security and privacy are one and the same. Security’s role is to protect and secure assets, of which confidential data – especially personal data – is a large focus. The consequences of a personal data breach can be severe, including the loss of customer trust and potential regulatory consequences. As a result, we often think of how we use security to protect data.
But that is not equivalent to privacy.
Privacy must be thought of as a separate function. While there will always be ties to security in the ways it protects data, privacy starts and ends with the focus on personal data. Beyond protection, privacy extends to understanding why personal data is being collected, what the lawful uses are, how long it can be retained, and who has access to it.