Personal data protection policies and programs are important because they help organizations ensure that personal data is kept safe from unauthorized access, accidental loss, or destruction. If such information gets in the wrong hands, it can compromise people’s safety in many forms, including personal integrity, physical safety, and financial security. Stolen information can also be used to create fake profiles and commit fraud.
Here are some reasons why deploying a data protection policy is in an organisation’s best interest :
1.Meet regulatory requirements
Having a data protection policy and management program is mandatory to meet regulatory expectations.
Failure to comply could have serious consequences as hefty penalties are at stake, potentially impacting revenue figures. Besides financial penalties, there might be other costs including non-financial impacts like reputational damages and loss of brand confidence.
2.Increase consumer trust and credibility
Knowing that a company is compliant with data protection regulations, consumers will have more faith that their personal data are being well-protected. Your brand will be perceived to be more trusted, and they are more likely to do business with your brand.
Any breach and publishing of personal data could lead to untold, unexpected consequences leading to possible regulatory and civil suits.
By implementing a policy and program for managing personal data, companies can fulfill their obligations and reduce their legal risks.
4.Improve brand equity
A brand that puts consumers’ interests first will be perceived as a company that cares for its consumers. Consumers are more likely to gravitate towards and buy from such a brand. This in turn will greatly improve the brand’s equity, goodwill and bottom line.
5.Reduce investor’s risk
Investors are always on the prowl for good companies to invest their money in. The last thing they would want to do is to invest in a company with a bad reputation. Also if the company has not been caught out by regulators, they would prefer to buy a company that has in place policies, process, and controls compliant with local laws.
6.Improve personal data management
With a personal data policy and management program in place, company leaders would have a better understanding of the personal data under their care. Company directors would be ready to provide answers, concerning personal data they manage, to regulators, shareholders, potential investors, and customers.
Having a personal data policy and management program in place can be a competitive advantage over another company in consideration. Increasingly many companies expect their vendors to be compliant with personal data regulations. They do not wish to be dragged into any legal non-compliance and have their brand in the limelight for the wrong reasons.
As public awareness of personal data rights increases, the expectations for vendors to be compliant with personal data regulations will increase.
8. Peace of mind
With a personal data protection policy and program in place, you can sleep more soundly at night.
Knowing that you have your back covered, you are ready for any unexpected challenges that may arise from a user compliant to a data breach.
If you need help in your personal data protection journey for your organisation, do not hesitate to reach out to us.