Leverage your privacy investment
Within an organization, protecting private data is essential to establishing and maintaining trust. If customers, clients or employees believe that their personal information will be handled respectfully, in an open and transparent manner, with strong, reasonable safeguards, and made accessible to them at their request, it fosters trust and a positive relationship. If customers are a company’s greatest assets, then it follows that their personal information is too. Organizations will want to build and protect their assets, and personal information, as an asset, is no different. An accountable organization can demonstrate to customers, employees, shareholders, and regulators that it values privacy, not only for compliance reasons, but also because protecting privacy makes good business sense.
Data is at the core of your business
Increasingly our world runs on data; some of it critical, much of it confidential. Information has become one of the most valuable assets an organization possesses. This Harvard Business School article highlights Caesar’s Entertainment loyalty program, Total Rewards;
The most valuable asset in the Caesar’s Entertainment Corp. isn’t the fabulously-tacky Roman-themed resort on the Las Vegas strip. It’s the company’s big data loyalty program, valued at $1 billion.
– Harvard Business School
The personal data stored in the Total Rewards customer loyalty program was estimated to be worth over $1 billion and was at the centre of a very heated Caesar’s Palace bankruptcy feud with its creditors. Personal information in the loyalty program was deemed a more valuable asset than the resort on the Las Vegas strip.
In this age of hyper connected consumers, data is definitely the new age ‘oil’.
– World Economic Forum
Identify data, business processes and people
Your organization may produce and store mission critical data, intellectual property, patents, business methodologies, and an increasing amount of personal data. How can you effectively assign the resources needed to secure your sensitive data? By identifying critical data, business processes and key people, you can focus your efforts on securing key elements against loss or threats. Personal and sensitive data needs to be identified, making compliance to increasingly complex legistlation possible. Understanding what assets are vital to your organization helps direct resources efficiently and effectively.
Regulatory compliance is only one of many reasons why an organization needs to actively keep track and pay paricular attention to private data. Protecting personal data from misuse makes business sense. For example, let’s compare the value of a medical practice’s physical assets vs. a database containing patients’ medical records. A stolen portable ultrasound machine could be replaced at the cost of thousands of dollars, without putting the future of the clinic at risk. A breach in the clinic’s information systems, resulting in patient records getting into the wrong hands, could have a devastating effect on the clinic, both financially (litigation, regulatory investigations, fines) and in terms of the clinic’s reputation.
Meeting privacy obligations
With the regulatory climate around the world for personal data protection heating up, establishing effective data privacy controls is vital. The growth of data-driven applications increases the risks of personal data abuse. By setting up clear guidelines, raising employee awareness, embracing accountability and transparency in how they manage personal data, organizations are not only responding to compliance laws, they boost loyalty and trust, improving their customer relationships.
To hear how we can help you leverage your privacy investments, get in touch. Contact us