Change & pandemic speed - Data Privacy in extreme times
The pandemic has brought in untold hardships to individuals and to organisations alike. The digital transformation has in particular been accelerated thanks to the basic concepts of Social distancing leading to fast tracking of digitization and transformation using leading and disruptive technologies across all industries.
The Digital tsunami has lead the IT managers with a enormous amount of capabilities to deal with and engage with their customers/ employees and the world at large through a choice of digital channels never thought before. The digital Tsunami has seen explosion of data and along with it concerns on Privacy and information security.
Data Privacy or Information privacy is a part of the data protection area that deals with the proper handling of data focusing on compliance with data protection regulations.
Data Privacy is centred around how data should be collected, stored, managed, and shared with any third parties, as well as compliance with the applicable privacy laws of the country / region.
Along with Data Security, Data Privacy creates a Data Protection area with protected usable data as an output. However, Data Privacy is not just about the proper handling of data but also about the public expectation of privacy, centering around the individual as a key figure.Data Privacy or Information privacy encompasses 3 elements:
- Right of an individual to be left alone and have control over their personal data
- Procedures for proper handling, processing, collecting, and sharing of personal data
- Compliance with data protection laws
Over 70% of the customers said their trust in Companies matters more than it did a year ago. Now with extreme Digitization and Technology lead transformation there is data every where and with Tsunami of Data with disruptive technologies comes the threat of Data privacy and protection and associated costs if there were to be a breach
The Digital avalanche is also leading to a new set of tools providing comfort to the CIOs and Chief Data officers in their journey to protect the information and respect individual’s privacy and lay out their vision of privacy.
According to the Cost of a Data Breach Report 2020, conducted by the Ponemon Institute, the average total cost of a data breach is USD 3.86 million: and it takes 280 days to identify the breach. It is also estimated that the average cost per PII is at $150.
We will be glad to help you to make an assessment of your information security and design Privacy solutions which are trusted by more than 70 plus Fortune 500 companies.
