The importance of data privacy can be measured from the fact that experts have called Data the oil of the 21st century. And in this rapidly evolving digital landscape, this maxim has proven to be true more than ever. However, despite all the advancements, the concept of privacy has remained elusive and there are many reasons behind this phenomenon. First, the concept of privacy varies from person to person, second, it is heavily influenced by individual choices. Third, the governments have defined it as per their interests and thus, crafted rules that best give them greater authority. Despite all this, big tech conglomerates prioritize privacy as their whole set-ups have been erected around it. Even small companies have the liability of protecting consumer’s data and before collecting, storing, or processing data, they have to ask for the user’s permission for doing so.
Why is privacy important?
Speaking commercially, the perks of creating a comprehensive and unbreachable data policy is that it increases user’s trust in the brand that ultimately leads to a wider customer base.
The whole practice of data privacy begins from data protection – a multifaceted process aimed at shielding users’ data from malicious elements or incidental disclosure. The practice of data protection also entails authority who can and who can’t access it, and the type of data an authorized person is allowed to access. The saying with greater power comes greater responsibility sits perfectly well with this whole concept of data protection and privacy. As the size of your organization grows, so does the responsibility of storing and keeping users’ data safe increases. For this purpose, special tools are built and controls are set up.
Personal Data Privacy
The term itself is self-explanatory as the idea of personal data privacy applies to personal data such as health information, social security numbers, credit cards, and any other types of financial records. If an unauthorized person gets access to your financial data, he can fully drain your account through his screen by simply giving a few commands. Therefore, it has become a matter of great importance that all types of your data remain protected 24/7.
Data Privacy & Financial Industry
When it comes to the financial industry like the banking sector, all experts agree on this one point that data remains lifeblood. It is because of this very same reason that the financial sector witnesses more hacking attacks than any other sector out there. The companies, therefore, continue to increase the security layers but despite all measurements, they remain vulnerable to cyber attacks.
Let’s take the example of one gang only. The notorious Carbanak criminal organization has looted as much as $1 billion from different banks since 2013. In 2015 alone, the hackers from the aforementioned gang successfully targeted 100 banks worldwide.
Data Privacy & Governments
Even different governments target their foes. For instance, the EU and the USA regularly target China while accusing it of perpetrating and launching attacks on their tech firms. North Korea, Iran, and Russia are some other states that have earned this bad reputation of carrying out coordinated cyber attacks.
Data Privacy & International Standards
ISO (International Organization for Standardization) has put in great efforts to craft ISO/IEC 27701:2019 standards that outline rules and regulations concerning privacy information and the need for information security management systems.
Likewise, as countries fathom the importance of data privacy and protection, they continue to craft and amend laws. Speaking of data privacy vis-a-vis countries, the law and regulations differ from country to country.
Despite all this advancement in the technology and implementation of rules and regulations, malicious elements somehow find their way and steal data.