Data is a vital asset for businesses, helping them streamline operations, better serve customers and make essential business decisions. But it comes at a cost. A data breach could wreak havoc on a company’s bottom line, not to mention the lingering damage it can do to reputation. That’s why it’s important for organizations to prioritize their data security and privacy.
Data Privacy
Personal information, such as names, addresses and phone numbers can be used to identify an individual. This is referred to as personally identifiable information (PII). Other types of data that can be used to trace an individual’s online or real-world behavior include their social media activity, shopping habits and website visits.
A data privacy approach empowers individuals to decide how their information is collected, used and shared. It also supports data-driven innovation and helps to build trust in brand relationships. For example, when consumers know a business will handle their information responsibly and ethically, they are more willing to share it—fueling growth across industries.
Data privacy practices include establishing transparent policies, obtaining informed consent, practicing data minimization and conducting regular data impact assessments. It’s a holistic process that also includes robust identity and access management (IAM) to limit unauthorized access and ensure adherence with data regulatory standards. It is a critical component of protecting your organization’s most valuable assets, data. Embracing a comprehensive, proactive data privacy strategy is an investment that’s worth it. The financial and operational costs associated with a single data breach are high, making it more than worth the effort to safeguard your data.