Data Privacy Day will be observed on January 28th across the globe to increase awareness and promote privacy and data protection best practices amongst businesses as well as individuals. Data Privacy Day, in a way, recognizes the increasing—and often neglected—need to strengthen security to protect data and privacy.
In a hyper-connected world where consumers are willing to provide their personal data in order to get a service or a good deal online, data breaches have become a norm rather than an exception.Large scale data breaches like Equifax are raising pertinent questions about the privacy of consumers’ personal data in general. Organizations must take data security and privacy seriously.
Forcepoint predicted that 2018 will be the year a broad and polarizing privacy debate is ignited not just within governments, but between ordinary people, who will start to question the erosion of the line between the personal and public sphere and how their personal data is collected, stored and used.
In this age of social media and e-commerce, as data increasingly becomes a commodity, protecting this data also becomes an imperative. Simply put, the more important data becomes, the more important are the tools to protect data. When customers are confident that their data is in safe hands, they are more than willing to part with it. For businesses, this is an indicator of customer trust, which boosts customer retention and new customer acquisition, leading to increased revenue.
Governments around the world are reviewing and also legislating how personal data can be secured and incidents of data loss reported, starting with the EU's GDPR act in May 2018. This presents an opportunity for organizations to step up their security efforts and build a culture that upholds the need to protect customer data. Data Privacy Day is a good reminder for organizations to build a human-centric security approach, which focuses on the interaction of people and critical data to not only protect their business and customers data but also their employees and Intellectual Property.