Nearly two megabytes of new data enter the digital sphere every second. With this volume of information comes a high risk of privacy breaches. Malicious third parties may infiltrate your company’s servers, data centers, and even individual devices to steal private information for illegal purposes, such as identity theft or selling it for marketing or advertising purposes. If this happens, your business may experience a loss of trust and reputation, in addition to costly GDPR fines and regulatory repercussions.
Many Americans have a low level of confidence that companies are good stewards of the personal information they collect and use. For example, 79% say they are not very or not at all confident that companies will take responsibility if they make a mistake that compromises their personal information. A similar percentage are not very or not at all confident that firms will protect their privacy in ways they would be comfortable with.
Businesses that prioritize privacy earn the trust of their customers and employees, creating a competitive advantage. They also minimize risks related to unauthorized access, loss, and mishandled data sharing.
Although achieving legal compliance is an important part of managing personal data, there are a number of other responsibilities that businesses must take on to ensure they are handling data properly. This includes developing and maintaining a robust cybersecurity infrastructure, providing training for employees on data protection issues, creating effective internal systems to prevent privacy breaches, and regularly reviewing and fine-tuning standard operating procedures.