The Importance of Data Privacy in Risk & Compliance
The EU’s General Data Protection Regulation (GDPR) catalyzed data privacy laws across the globe. A growing host of local, federal and international regulations and standards have placed a direct emphasis on how organizations govern, protect and secure individuals' data. And as regulations mature and expand, individuals are increasingly looking for more transparency into how their information is being handled and used.
The recent COVID-19 pandemic has compounded data privacy challenges. The rapid move to remote workforces gives risk, compliance and information security teams another layer of security and compliance to manage. They now must regulate how employees handle, store and transfer PII outside of the company network. As organizations continue to work remote or transition to remote/in-office hybrid model, privacy risks and the potential for breaches continue to grow.
Data privacy holds priority for those working in risk and compliance. The heightened consumer awareness of data privacy, remote workforces and the increasing number of new and impactful privacy regulations are changing the way organizations handle their data. However, there is no consistent approach outlined by regulators or adopted by organizations that address these challenges. Companies must understand what data they are collecting, how the business uses that data, understand the risks to that data and then implement the necessary information security and privacy measures to ensure that data is protected in accordance with regulations and guidelines. Failure to do so can be a detriment to the business and have a lasting effect on their financial posture and their reputation.
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