Data Protection Regulations: The ‘New Normal’ For All Businesses
Do you know which asset is most wanted by today’s cybercriminals? You guessed it, “Data”. Do you know what data protection measures are in place in your organization?
In today’s global information economy, your business data is the golden goose chased by cybercriminals. Given how this data is constantly evolving, who can ensure that it isn’t exploited for unsavory gains? Well, governments worldwide have stepped up to the plate. The majority of countries across the globe are helping protect sensitive data by implementing laws and regulations that make it more difficult for cyber theft to take place.
This global wave of changes started with the implementation of General Data Protection Regulation (GDPR) in 2018 by the European Union (EU). This new law holds businesses accountable for protection of data and privacy. Today, 132 out of 194 countries have put in place legislation to ensure protection of data and privacy, as per the United Nations Conference on Trade and Development (UNCTAD).
Wondering how is this related to compliance and moreover, your organization?
Any business in the world, including yours, must comply with at least one data protection and privacy regulation.
Whether you are a local or a global business, you must understand that ignoring this global consensus can leave your business’s future in limbo.
Consequences of Ignoring Data Protection and Privacy Regulations:
- Compromised information
- Legal ramifications
- Loss of consumer trust
- Revenue loss
Don’t let this happen to you. It’s time for you to be smart about compliance.
Let us help you understand the difference between protecting your data and privacy, the prevalent global awakening and how compliance affects you and your business.
Let’s hit the ground running!
Data Protection Versus Data Privacy: Related But Not The Same
While protecting data is about securing data from unauthorized access, data privacy is related to how an authorized access is defined (who can access the data and the ways in which he/she can manage it).
Your business must understand this distinction and the fact that the existence of one doesn’t eliminate the need for the other.
While you might have the right technology to build a robust data protection posture, it still might not ensure the privacy of personal data. Even authorized individuals who can access the data could also exploit it.
Simply put, you must deploy the right technology and the right policies to ensure every bit of data you store and process remains secure and private.
It’s time to quit stalling and start moving forward with proper security and privacy standards.
A Global Awakening: Data Protection And Privacy Standards
Are you late to the data protection and privacy party?
UNCTAD data showcases how 66 percent of countries already hold legislation on data protection and privacy, while 10 percent have drafted one, and the remaining countries are likely to follow suit.
Do not ignore this global consensus! Even if it doesn’t seem like it now, it certainly can and will impact your business. It won’t be long (if not already) before your state or national government decides to take the plunge.
Here’s just a glimpse at where data regulation is in place or will be eventually implemented:
Australia: The Privacy Act (1988)
Brazil: Protection of Personal Data Bill (2011)
Canada: Personal Information and Protection and Electronic Documents Act (PIPEDA)
China: Personal Information Security Specification (2018)
The European Union (EU): (GDPR)
Japan: Act on the Protection of Personal Information (2007)
Kenya: Bill focused on the protection of data (drafting in progress)
Nigeria: Protection Regulation (2019)
Russia: Federal Law Regarding Personal Data (2006)
Singapore: Personal Protection of Data Act (2012)
South Africa: Protection of Personal Information Act (2013)
South Korea: Personal Information Protection Act (2011)
Uganda: The Data Protection and Privacy Bill (2015)
Uruguay: Law on the Protection of Personal Data and Habeas Data (2008)
Countries currently deliberating a regulation include Argentina, Chile, Ecuador, India, Malaysia, New Zealand, Switzerland, USA (a federal legislation) and more. That’s 50 countries already! Could this phenomenon be any more global?
Be Smart. Don’t Wait. Start Now!
Even if it seems complex or unfair, compliance is smart business. Therefore, keeping it on the backburner is just an open invitation to trouble.
How much do you value the reputation and integrity of your business?
Please remember that your failure to demonstrate compliance with just one regulation standard alone can take your business straight into a dark phase of uncertainty.
You can suffer losses in the form of:
- License cancellations
- Hefty fine(s)
- Damage to reputation
- Expensive lawsuits
- Loss of business
Now is the time to get ahead and take your first steps towards protecting your data and privacy compliance.
Let A Trusted Partner Help You With Your Data Protection
Team Up With the Miami IT Experts at Third Power IT
It takes special skills and tools to look ‘under the skin’ of your network to ensure it is both secure and compliant. It helps having a trusted partner that has managed both cybersecurity and compliance for businesses before.
Rest easy knowing your data is protected and compliant.
Trust Your Data With Third Power IT
Miami’s Best IT Data Security Professionals
You are just one step away from assessing your compliance needs and implementing data compliance & protection the right way. Let’s talk compliance!
Call us at 844-677-3687 to start crafting your unique protection strategy plan now.
Article curated and used by permission.
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