The world is increasingly recognizing that data is now a company's most valuable asset. As privacy concerns grow among consumers, governments at state and national levels have stepped in to regulate data collection and use. Consequently, organizations must take better steps to safeguard that data and respect consumers' privacy rights and concerns. Data privacy laws and information governance go hand in hand, but the specifics vary across jurisdictions.
Data privacy laws protect people's rights and personal information. They govern how organizations collect, store, process, and share data. Business owners and managers must keep up with new developments to avoid costly fines and legal consequences.
These regulations are just a fraction of the many affecting organizations worldwide. Still, they are the ones businesses focus on most often:
We've got more on regulations that might affect or impact your business. Take a look at this blog, and this one too.
Data breaches have become increasingly common. Equifax, Capital One, and Marriott are just some of the affected companies making headlines in recent years. Noncompliance with data privacy laws can also attract hefty fines and legal penalties. For instance, under GDPR, organizations can face fines of €20 million or higher.
Effective information governance is essential for protecting sensitive data and ensuring compliance with data privacy laws. Organizations must thoroughly evaluate existing frameworks and determine the policies and systems that best suit their needs.
When reviewing IT frameworks, companies must look beyond compliance issues. Even if you do not run afoul of regulations, unsecured systems are easier to breach. Protecting trust and reputation is a top priority.
There are additional benefits for a business as well:
Your organization is likely impacted by many data privacy laws across different geographies. Ensure time is taken to review all of them.
Not all data privacy laws and information governance frameworks are created equal. What can you do to ensure yours meets and exceeds your goals? Consider the following best practices:
Employees can be the primary protectors of ― or keys to ― sensitive data. Proper training can help prevent data breaches and ensure compliance with data privacy laws.
Companies often just assume workers know how to apply company policies and keep data safe. This is a dangerous assumption for data privacy laws and information governance. In fact, 61% of employees cannot pass a basic quiz on cybersecurity, and 71% of employees store passwords to sensitive data in their personal phones. Not surprisingly, employee error is a leading cause of data breaches.
Employees can only do better if they know better. Companies can close the cybersecurity skills gap with training. It should cover these and other topics:
Before creating a training program, assess your employees' understanding of data privacy. Identify areas where improvement is needed. You can achieve this through online surveys and quizzes.
After the initial assessment, curate or create training programs to address needs. The training should be engaging and interactive. Include real-life examples to help employees grasp the importance of data privacy.
Finally, keep the course updated and schedule regular refreshers. End training sessions with a brief test to ensure employees understand data privacy laws and information governance.
Advancements in technology have made it easier to automate some aspects of information governance. However, some options over-promise and under-deliver, so review each proposed solution carefully.
Technology plays a vital role in improving data security and increasing efficiency in data management. Advanced tools and software can help businesses monitor data privacy practices, identify potential risks, and streamline information governance processes. This saves time and resources and reduces human error.
Technology can take the guesswork out of data privacy compliance. Here are some of the best tools you can find on the market:
As technology continues to advance and data privacy laws evolve, the future of data privacy remains uncertain. Businesses need to stay informed and adapt to changes in the industry.
Technological advancements lead to more sophisticated encryption methods, offering more robust protection for sensitive data. As consumers become more aware of the importance of data privacy, there is a growing demand for businesses to prioritize and protect personal information. This trend may lead to stricter privacy regulations and increased expectations from customers.
Businesses should monitor industry news, attend conferences, and engage in professional networks to keep abreast of changes. Organizations can then adapt their information governance strategies.
Developing a culture of data privacy involves fostering a shared understanding of its importance among all employees, from top management to frontline staff. By reinforcing the values of transparency, accountability, and respect for personal information, businesses can create an environment where data privacy becomes an integral part of everyday operations.
Prepare your organization for changes to laws over the coming decades. How will you adapt?.
Don't let data privacy concerns hold back your organization's growth. With Cloudficient's expert cloud migration services, you can securely move your data to the cloud while ensuring compliance with data privacy laws and information governance standards. Experience seamless cloud migration tailored to your organization's needs. Contact us for a quote to get started.