At TeknaByte we understand that the extent to which a business analyzes and acts upon its data can have a potentially massive impact on both its bottom line as well as its ability to stay competitive in the marketplace. For businesses ranging from small to large, this can present a bit of a conundrum: how can we use data to our advantage while maintaining consumer trust and complying with data protection laws?
Unfortunately, many businesses now find themselves in one of two equally unfortunate camps. Either they fail to make the most of their data – a valuable asset that could drive a business forward – or they run the risk of damage to their reputation and incurring fines or other sanctions for breaching data laws.
Today, TeknaByte wants to take the time to help businesses get a grip on the facts surrounding data privacy rather than the myths. In doing so, we hope that you will have a much easier time using your business data to your advantage while remaining compliant with all data privacy laws and regulations.
One of the biggest data privacy myths that exists is that the GDPR only affects certain industries. In all actuality, the implications of the GDPR will impact US-based businesses of all industries – including healthcare, retail, and hospitality – that collect, maintain, and process personal data of EU residents regardless of where that business is located.
These regulations impact most US companies due to the fact that, in all likelihood, those businesses will process information of residents of the member states of the European Union as well as those in the European Economic Area. This means that, quite possibly, your business is impacted by the GDPR and should be compliant with all rules and regulations set.
While some companies are treating GDPR and the California Consumer Privacy Act as though they are a finish line, it should be noted that they’re actually just the beginning. In reality, legislatures around the world, including the United States Congress, have either passed or are in the process of passing new or expanded data privacy laws.
In addition to the legislative angle, both consumers and businesses are becoming increasingly concerned about the data practices of the companies that they choose to do business with. In fact, in a recent study of 10,000 consumers, 75% of those surveyed said that they will not buy from a company if they don’t trust them to protect their personal information, regardless of how great the company’s products and/or services are.
Contrary to popular belief, complying with data privacy laws is a complex and multi-faceted process. While technology tools can certainly help to simplify the process and automate certain tasks, there is simply no substitute for human effort when addressing all of the elements of a compliance plan. From understanding how and why you are processing personal data to what data you should be disclosing to your business partners, there is no one tool that can make you entirely compliant. More effort is needed.
Upon executing a comprehensive compliance plan, many businesses feel tempted to relax, as though the work has been done and there’s nothing left to do. In all actuality, the world of data privacy is constantly changing and it’s important that you not let your guard down. You must always be on the lookout for certain “triggers” that can affect your compliance status. These include both internal and external triggers.
Internal triggers consist of business changes, mergers/acquisitions, and new vendors or partners. External triggers include technology innovation, new regulations, and judicial clarifications of existing laws. You can’t let your guard down just because you have achieved compliance; that’s exactly when problems start to occur.
Now that we have debunked some of the most common myths of data privacy, it’s time that you do what is necessary to protect the personal information of your business, employees, and customers. Achieving compliance is just the first step to managing your company’s data, and our expert IT consultants here at TeknaByte know what it takes to make sure your data is always in the right hands! We offer cybersecurity services so that you have time to focus on all of the other important aspects of your business. Ready to get a helping hand? Contact us today!
TeknaByte is an IT Consulting & Managed IT Services firm in Indianapolis that provides quick, high-quality, and effective managed IT services to businesses everywhere.