Data privacy or information privacy has become an imperative aspect of information technology. The company’s database consists of information about millions of customers. The information of the customers needs to be protected and kept private to prevent it from sharing with the third parties. Therefore customer’s identity will be retained and the reputation of the company will not be spoilt.
Customers are valuable for every company; they share their personal details with the trust that the information will not be disclosed to the external parties.
Hence, data privacy mitigates the issues and protects the data of the customers but also the employees of the companies from security breaches.
There are data privacy regulations that will hinder the data breach so that the sensitive information will not be misused. There are laws that enforce compliance with data privacy regulations. Data privacy is important because if the regulations are not conformed the companies are obliged to pay fines up to tens of millions of dollars and even receive a 20-year penalty.
In compliance with data privacy regulations, the company needs to meet legal requirements by implementing strong security safeguards to ensure data privacy protection and avoid a data breach. In meeting the legal measures the company will not suffer any security threats and also will not undergo any loss of revenue.
The company must protect the information provided by potential customers. As there is a chance of data breach it leads to theft of information and can impact the data owners depressingly. The hackers will have access to sensitive information and commit various crimes such as identity theft and credit card fraud.
The company must develop a compliance strategy, make a list of all personal sensitive information, establish policies and procedures for data protection, save all documentation, provide proof of compliance, and also have a response plan for dealing with the breaches.
To sum up, people are aware of and concerned about data privacy. Data breaches, security threats, and cybercrimes are serious issues that can lead to undesirable and unsafe consequences. Therefore the companies have to maintain and retain the trust of customers and also save the goodwill of the business in the future