Every time you create a profile online, make a purchase or browse a website, you leave behind a growing trail of personal data. For businesses, that information is invaluable. It helps them streamline operations, better serve customers and make essential business decisions. Yet the repercussions of cybercriminals accessing that sensitive information can be devastating. In the worst-case scenario, it could cripple revenue streams, jeopardize intellectual property and tarnish reputations.
As a result, protecting data privacy has become a top priority for organizations. The good news is that a robust data privacy strategy can safeguard personal information, prevent identity theft and fraud, maintain the integrity of digital systems and build trust among individuals and business partners alike.
Fortunately, numerous laws overseeing how entities can collect and use personal information have emerged worldwide. Some of the most prominent laws include the GDPR, COPPA and HIPAA. These laws have also helped establish global best practices for data protection.
Preserving Individual Autonomy
Data privacy enables people to understand what information is collected, by whom and for what purposes. It also ensures that they retain control over their personal data and can change or withdraw consent at any time.
As a result, it can help people feel more comfortable sharing their data with companies—and potentially even convert skeptical prospects into loyal customers. But for this to happen, companies must prioritize transparency and trust in their data policies. This enables them to stand out in a market where 56% of consumers are mistrustful of the companies they encounter as potential leads.