Data is critical to business success, with the big data market projected to be worth nearly $235 billion by 2026. However, with access to consumer data comes great responsibility. As far as some customers are concerned, companies are not doing all they can to ensure that their data is being used securely.
In a 2018-2019 public opinion survey, most Canadians expressed that they are concerned about their privacy. As a result, some consumers hesitate to provide their personal information to businesses. However, in the same survey, most Canadians said they would choose to do business with a company because it has good privacy practices.
Businesses must put their best foot forward regarding data privacy. These few steps can help them make significant strides in developing better privacy habits.
Communicate clearly and concisely to the public and to you customers what privacy means to your organization and your steps to achieve and maintain privacy.
Conduct an assessment of how you currently collect data, including data collected from third-party services on your behalf. This starts by understanding the privacy laws and regulations applicable to your business. Next, consider how consumers expect their data to be used and design settings to protect their information by default.
Knowing the risks your company’s data faces is key to ensuring it is safely maintained and used. However, only 57 percent of businesses conducted a data security risk assessment in 2020. With a risk assessment, you can manage risk and create a culture of privacy in your organization by building privacy into your business.
As the world becomes more and more driven by remote work, employees must participate in ongoing training and awareness campaigns.
Educate your employees about their role and your organization’s obligations to protect personal information