Data privacy issues are a growing concern for consumers and businesses. Nearly two megabytes of new data enter the digital sphere every second, and it’s critical to have the right policies in place for safeguarding sensitive information that is created, stored, and shared by you and your employees. Data privacy breaches can cost your company reputation, customers, and revenue. They also put your data at risk of fines and penalties from regulatory bodies.
Many Americans are wary of the way their personal information is collected, used, and handled by businesses. In fact, a 2023 study showed that 67% of Americans say they don’t understand the laws currently in place to protect their personal information.
While you must strive for legal compliance, avoiding data privacy issues starts with creating effective internal systems that limit access to sensitive information and prevent unauthorized users from breaching your data ecosystems. These processes should include a clear definition of data privacy, as well as policies and procedures that define what data is protected and how protections are applied.
The more information your business collects, the more susceptible it is to data privacy issues. From account credentials to medical records and social security numbers, you should be mindful of the information you and your team create and store.
You should also minimize the amount of data you collect by only using what is necessary for operations and maintaining compliance with regulations. This helps you save on storage costs, minimizes the amount of PII you have to process and protect, and can help streamline data subject request management (DSAR). It also prevents you from being at risk for privacy breaches.