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In today’s global information economy, your business data is the golden goose chased by cybercriminals. Given how this data has an endless life, who can ensure that it isn’t exploited for unsavoury gains? Well, governments worldwide have stepped up to the plate.
The implementation of the General Data Protection Regulation (GDPR) in 2018 by the European Union (EU) opened the floodgates for this global wave of change. Such was the impact of GDPR holding businesses accountable for data protection and privacy that today, 132 out of 194 countries have put in place legislation to ensure the security of data and privacy, as per the United Nations Conference on Trade and Development (UNCTAD).
Related Article: GRC Fines, Penalties and Violations – Oh My!
Wondering how is this related to compliance and your organisation? 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 company, you must understand that ignoring this international consensus can leave your business’ future in the lurch.
Give us a few minutes, and we’ll help you understand the difference between data protection and privacy, the prevalent global awakening and how it’s time for you to be smart about compliance. Let’s hit the ground running!
While data protection is about securing data from unauthorised access, data privacy is related to how authorised access is defined – who can access the data and the ways in which they 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.
Dig deeper with our article: Data Protection vs Data Privacy – A Closer Look
While you might avail the right technology to build a robust data protection posture, it still might not ensure the privacy of personal data in compliance with regulatory standards. Even authorised 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.
UNCTAD data also showcases how 66% of countries already hold legislation on data protection and privacy, while 10% have drafted one, and the remaining countries are likely to follow suit. Do not ignore this global consensus assuming that it would not impact your business as you would not be operating outside your home country. Even if you are not based in Europe or in a country where the legislation is active, it’s not going to be long before your state’s or country’s government decides to take the plunge themselves.
Here’s just a glimpse of where regulation is in place or will be eventually implemented:
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?
Compliance is an intelligent business, even if it is complex and unfair. 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, and loss of business.
Watch video on our LinkedIn: Top 5 GDPR Fines Issued so Far
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. You will sleep better at night knowing your data is protected and precisely in the manner regulations need it to be.
You are just one step away from assessing your compliance needs and addressing them. Call us today. Let’s talk compliance! Our team will understand your needs and help you get where you want with small, actionable steps. No challenge is too big to tackle, and you can take your business to the next level!