What is data privacy?
Data privacy, also known as information privacy, deals with the ability of individuals to control the use and collection of data about themselves. It addresses proper handling of personal data, including consent, user rights, governance, protection, data sharing, notice and other regulatory obligations.
What are the business benefits of data privacy?
From mitigating losses due to data breaches to building greater loyalty and trust with customers, the benefits to an organization increase with the maturity of its privacy program. Key benefits include:
- Regulatory compliance. Businesses that operate with a focus on data privacy and protection can avoid pitfalls such as processing or sharing personal data with insufficient legal basis—and avoid stiff non-compliance penalties.
- Data protection. Safeguards that protect personal data through the information lifecycle, along with threat prevention and mitigation, can help manage information breaches that can put sensitive data at risk.
- Brand enhancement. Businesses that prioritize the privacy of their customers’ and employees’ data build greater goodwill and loyalty, which enhances their reputation and brand value.
- Trust. After a breach, consumers blame the company and often do not return. On the other hand, companies that users trust to protect their data and privacy have increased access to and use of consumer data.