Data Privacy And Protection
Data privacy and protection are a must for enterprises. Organizations need to maintain a set of solutions to protect their highly confidential data to survive in this highly competitive era. No organization can hold their existence without implying privacy norms. They have a big responsibility to protect their customers' information, whether it's about their health, education, purchasing habits, location, or finances. Thus, a solid data security policy and process system are required. The strong data privacy policies and procedures can help avoid possible data security litigation and regulatory inquiries about having a platform that securely stores data. It also has major reputational advantages if a company is able to prevent data security breaches.
In the current cyber threat landscape, the administrative staff must be aware of the responsibility to secure consumer and employee personal data to avoid the risk of breaching these obligations. Data privacy, often known as information privacy, is a subset of data protection that focuses on correctly managing data while complying with data protection standards. The scope of this data has grown significantly, and it now occasionally collides with technologies that people use for personal reasons. Companies must develop new techniques to distinguish between work-related and personal conversations as more data is gathered.
Data privacy rules are becoming more prevalent worldwide, and they will become increasingly crucial as many are working online. Many data protection regulations begin with the goal of safeguarding personal data rights. Data privacy includes how data should be gathered, kept, managed, and shared with other parties and adherence to existing privacy regulations (such as California Consumer Privacy Act- CCPA or General Data Protection Regulation, GDPR). Data privacy concerns not only the correct management of data but also the public's expectation of privacy, with the individual as the central character.
DATA PRIVACY COMPONENTS
Data Privacy mainly comprises three components:
An individual's right to privacy and control over their personal data
Procedures for managing, processing, collecting, and properly exchanging personal data.
Compliance with data protection laws
Data protection laws all around the globe strive to regain individuals' sovereignty over their personal data, empowering them to understand how, by whom, and why their data is used and allowing them choice over how their personal data is processed.
In 2019, 73 per cent of customers mentioned that the company's trust is more important than it was a year ago. As a result, businesses must learn how to process personal data while respecting consumers' privacy choices. This is what every customer expects from their companies.
Cisco's Data Privacy Benchmark Study
With the adoption of the General Data Protection Regulation, the importance of data privacy has grown even more. Cisco conducted a survey in 2018 (Cisco 2018 Privacy Maturity Benchmark Study) that presented facts and insights on how privacy concerns affected the purchase cycle and timeframes of the companies. Cisco's Data Privacy Benchmark Study is based on the results of Cisco's Annual Cybersecurity Benchmark Study, a double-blind survey of over 3200 security experts from 18 countries representing all major sectors and geographic areas. Participants were questioned about their GDPR preparation, any sales cycle delays, data privacy concerns, data breach losses, and existing strategies for maximizing the value of their data. The outcome of this study shows that organizations following GDPR have fewer delays in their sales cycle due to clients' data protection concerns than those who are ready. Moreover, GDPR-ready firms have also seen fewer data breaches, with fewer records affected and less system downtime. From the business point of view, protecting personal data and emphasizing data privacy have various positive effects on a company's bottom line.
DIFFERENCE BETWEEN DATA PRIVACY AND DATA SECURITY
Data Privacy and Data Security are required to protect data and adequately comply with data protection rules. Even though these two terms appear identical at first glance, the differences become evident when analyzed. Data Privacy mainly includes the rights of individuals, the purpose of data collection and processing, privacy choices,
and how organizations manage the personal data of data subjects.
It focuses on complying with the law while collecting, processing, sharing, archiving, and deleting data. Data security includes standards and various precautions and methods that an organization employs to prevent unauthorized access to digital data. It focuses on protecting data from cyberattacks and preventing the misuse of stolen information. It incorporates features such as access control, encryption, and network security.
The ultimate worth of a company in this age of data economy is found in the collected personal data. It means that data is a valuable asset that should be protected and preserved. Companies sometimes overlook the fact that the personal data of customers handled by them is merely borrowed. Customers can use privacy laws to exercise their rights, such as the right to be forgotten, and in some cases, they can reclaim ownership of their data. Companies must exhibit transparency by publicly disclosing how they process and manage personal data to preserve data and maintain trust and confidence.
GDPR - GENERAL DATA PROTECTION REGULATION
The privacy regulations worldwide were set up for the protection of data. GDPR was not the first privacy regulation, many previous data privacy rules were set up. The EU General Data Protection Regulation, often known as GDPR, is the world's first data privacy and data protection regulation. The Regulation was passed in April 2016 (replacing the 1995 Data Protection Directive) and went into full force on May 25, 2018, completing the two-year transition period. GDPR is mainly set up to give individuals control over their data, particularly how their data is managed, what data is collected, who collects it, and why. Therefore, individuals are given the right to investigate companies, ask questions, and demand their data be removed, transferred, or corrected. GDPR has the authority to push businesses to take full ownership and accountability for using, handling, processing, and controlling personal data.
DATA SUBJECT RIGHTS
The goal of GDPR is to give people control over their data, and it does so by establishing eight data subject rights.
Right to be informed
Right of access
Right to rectification
Right to be forgotten
Right to restrict processing
Right to data portability
Right to object to processing
Rights about automated decision-making and profiling.
Thus, GDPR imposes severe penalties on businesses that violate the laws and regulations, thus increasing the pressure on businesses to invest in GDPR compliance. Many businesses struggle to comprehend where their data is and how to handle it effectively because they lack visibility into the personal data they are processing.
PRIVACY SOLUTIONS TO MAKE GDPR COMPLIANCE EASY
However, privacy solutions are available that are meant to make GDPR compliance simple.
Find personal information across numerous cloud and on-premise platforms.
Protect your privacy and manage risks
Centralize the data and prioritize your connection with customers by organizing consent and matching your marketing communications with data protection standards.
Handle personal data requests successfully
Manage third parties successfully and educate your partners through the vendor management process workflow.
Encourage collaboration between your DPO, Legal Services, IT, and Marketing departments by splitting their tasks and allowing your staff to work together as a team.
We are now exchanging data in ways we have never done before. As technology advances, a more complex approach is required. Data Privacy Software packages built by companies help to achieve transparency in the system by making end-to-end solutions for capturing, archiving, supervising and analyzing the data. A company with these features can secure the privacy of its customers and employees, thus helping to avoid heavy penalties and protecting the company's reputation.