The Importance of Data Privacy in Risk & Compliance
Data protection legislation has evolved and increased over the past few years, but the vast amounts of personal data and the ease of accessing it has kept pace. In the UK alone, the Information Commissioner's Office (ICO) received more self-reported incidents and concerns last year than any other year prior. They also saw a 31.5 percent increase in data protection reports. While the ICO handles these reports and issues fines where appropriate, taking a proactive approach to protect customer and employee data is a far better approach for businesses that want to be seen as trusted partners, suppliers and vendors.
Data privacy and data security are particularly important considerations for those working in risk and compliance. Given the nature of data provided through a whistleblower hotline or an investigation, organizations must handle this information with the utmost sensitivity. For example, hotlines and helplines may record both anonymous and identifying information on employees -- such as name, role, gender or department -- that either directly or indirectly identifies an individual.
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