Data privacy is the right to control how personal information is collected, shared and used. It encompasses a company’s responsibility to protect personal information and ensure that its practices align with user expectations and regulatory standards. It also includes ensuring that users can access their own data and know how it is being used.
Consumer demand for data privacy is driving a new era of digital governance and ethics. With the number of data breaches rising and more consumers demanding choice over their personal information, many organizations will have to change the way they manage their digital assets in order to retain customer trust and stay compliant with laws like GDPR.
Companies will have to prioritize the security of personal information in all processes, systems and products and develop an internal culture that values data protection. This will require detailed data mapping, robust cybersecurity measures, clear privacy policies, effective data governance and employee training. In addition, organizations will have to adapt their strategies to address global nuances and cross-border data transfer as the world moves towards harmonized data standards.
Often, business leaders confuse data privacy with data security, believing that keeping sensitive information secure from hackers means they are also compliant with regulations. However, data privacy is a much broader subject that includes how a company stores and uses its own information such as proprietary research, intellectual property or trade secrets. It also addresses how a company protects its employees’ personal information and customer or client data.