How data privacy regulations safeguard business and consumers?
11/14/2019 12:00:00 AM
Recent data breaches and inadequate data practices have caught the attention of the world. When billion-dollar industries and the federal government fall prey to cyber threats then strong measures are the need of the hour. While information technology has changed the way we store data and operate a business, companies are still unequipped with the looming dangers that surround it.
Data privacy regulations that are being put in place will certainly go a long way in protecting consumer information and prevention of digital malpractices. These laws are purely aimed at giving consumers control over their data as it is often targeted by hackers for misuse. Businesses can function within the frameworks of these guidelines without the fear of a breach. Though the implementation and future role of these regulations is unforeseeable, they have certainly brought much-needed attention to cybersecurity.
This focus of this blog is to outline major data regulations and highlight the benefits of data privacy in the current digital world.
The perils of a data breach
A majority of the world population fear that their personal information would be misused. Companies like Yahoo had to suffer a direct set back after information of its users were stolen and sold to a third party in 2016. Cybersecurity has even become a national concern as any breach there can be a colossal disaster.
It was the beginning of the computer era when we began storing vital information in disk drives rather than files. A decade later large amount of data is stored in clouds that can be accessed for retrieving any files. The IT sector now becomes largely responsible for the smooth running of any organisation. Data privacy rules are imperative in such a situation.
When a large amount of crucial data is collected, stored and used daily, methods of safety such as firewalls, encryption and more have to be put in use to prevent hackers from gaining access to such vital information. Large sum of money is diverted for this purpose as the future of organisations are tied to this valuable data. In such a scenario, any security violation can bring a set-back to the company in a fraction of seconds.
What is General Data Privacy Regulation?
General Data Privacy Regulation [GDPR] refers to the set of laws which apply to businesses that collect information from consumers. The enforcement of GDPR ensures that such companies adhere to the following:
- Lawfulness and transparency - Business has to make a full disclosure at the time of collecting data from the public.
- Purpose limitation - Companies have to collect data for a specific purpose which has to be legitimate.
- Data minimization - Data collected has to be justified and minimum in quantity.
- Accuracy - All data records must be up to date and no outdated information should be in the system.
- Storage limitations - Companies have to set a retention period and make sure the collected data is erased after the use is over.
- Integrity and confidentiality - Protecting the confidentiality of the customer and preventing any unlawful processing is the company’s responsibility.
- Accountability - Every business owner has to work in compliance with these policies.
How Data Privacy Regulation will work
In 2019 itself we saw giants like Walmart and Toyota fall prey to the maleficent reach of cyber threats. While the FBI is still investigating the crime, the damage has already been done. Evidently, even big corporations are not fully equipped to face the challenges of data privacy. Hence, it is crucial to make laws designed to prevent such digital crimes from happening. This is why the Government is stepping in to implement international data privacy law.
These regulations will be useful in the following way:
- Take care of compliance – Organisations are required to implement privacy protection as it is a standard requirement. Those who fail to do so will have to face heavy fines and penalties.
- Prevent security breach – The regulations are a strong layer that will assure businesses are adhering to the privacy principle. It means they are using strong security safeguards to protect data and are not lapsing anywhere.
- Secure consumer data – Business has a responsibility towards consumers who share their personal information with them. Such regulations assure that consumer information is never tampered with.
- An ethical choice – Everyone wants to associate with businesses that have a strong code of ethics. This assures safety and creates trust between the consumer and the company. In the long run, ethical policies are useful for the organisation to grow and prosper.
- Supports consumers – Having such definite regulations in place is helpful for consumers who largely suffer due to cyber threats. This way they have the law to safeguard their rights.
Rising need for a cybersecurity specialist
Zoom communication is a multinational that was long unaware of any glitch in their software. While the company was being lauded and had a successful IPO in 2019, a random young engineer named Jonathan managed to find cybersecurity breach in their system.
This small vulnerability could have caused major damage to the company’s reputation. If established corporations can face such danger, one can imagine the threats to upcoming businesses.
Cybersecurity specialist curtails any such mishap and play a very prominent role in any organisation. It is their job to ensure that correct and cohesive security measures are put in place to prevent any cyber breach. Great demand in the market has made this profession a highly sorted one.
For those interested in pursuing this career path Diploma in cybersecurity specialist offered by the Toronto School of Management can be a great choice. The programme is specifically designed keeping every aspect of cybersecurity in mind. It gives students a much needed practical experience required in this field.