Data Privacy: Why Should We Care?
The concept of “data privacy” refers to the manner in which a certain piece of information, also known as “data,” should be managed according to the importance it holds. For instance, you probably wouldn’t mind if a stranger asked you your name if you were introducing yourself to them, but there are other pieces of information that you probably wouldn’t reveal, at least not until you get to know that person better. However, if you want to open a new bank account, you should be prepared to disclose a substantial amount of personal information — information that goes way beyond your name.
Uses of data protection plans
In this day and age, the idea of data privacy is most commonly applied to sensitive personal information, also known as personally identifiable information, and personal health information. This can include Social Security numbers, health and medical records, financial data such as bank account and credit card details, and even basic information that is nonetheless sensitive including full names, birthdates, and addresses. The list of personal information can sometimes be quite comprehensive.
The protection of a company’s customers and employees goes well beyond their personally identifiable information. It also contains the information that assists the company in running its business, such as data that is exclusive to the company and used for research and development, or financial information that demonstrates how the company is spending and investing its money.
Why is protecting personal information so important?
When information that ought to be kept private falls into the wrong hands, it might result in undesirable outcomes. A data breach at a government institution could, for instance, transfer top-secret material into the hands of an adversary state. In the event of a breach at a company, confidential information may end up in the hands of a rival company. The personally identifiable information of kids could get into the hands of identity thieves if there is a breach at the school. In the event of a breach, protected health information may end up in the hands of individuals who intend to use it inappropriately.
Global Data Protection Laws
Despite the fact that General Data Protection Regulation (GDPR) was just the beginning, it is by no means the end. As more and more economies throughout the world enact extraterritorial data privacy legislation, the number of places where GDPR is not yet in effect is dwindling.
The GDPR was mandated in order to improve the security and privacy of sensitive data pertaining to individuals by those who handle it. It is a requirement that the processes be transparent, and its effect can be seen not only in Europe but also all around the world. It is possible to say that the EU’s GDPR has increased the general public’s knowledge of the fact that they have a right to the security of their data, which has been an important factor in the development of a culture of data privacy and protection. As a result of this, a number of nations, such as Thailand and the PDPA, Brazil and the LGPD, the USA and the CCPA, New Zealand and the Privacy Act, Canada and the Digital Charter Implementation Act, South Africa and POPIA, etc., have either adopted analogous data privacy legislation or are very close to doing so. Data privacy, data security, and data handling have evolved into a problem that affects people all over the world as a result of the continual movement of sensitive information across borders. This was brought to light as a result of GDPR.
Data protection goes on
To keep up, data security executives and CIOs at multinational corporations will have little choice but to embrace a cross-regulatory compliance strategy. Cross-regulatory compliance begins with a determination of the ways in which data privacy regulations overlap in order to synergize efforts to comply with them. The cryptographic security of sensitive data, analyses of the potential impact of data protection defined data retention policies, and breach notifications will all be needed frequently.
