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.

3.Limit liabilities

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.

7.Competitive advantage

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.

The information security policy is gaining importance as more and more of a company’s internal processes become digitized, and outsourced. As a company relies more and more on automation, more software applications are onboarded into a company, the risks of a cyber incident increases . This would un-nerve stakeholders like bankers.

With an information security policy, it gives assurances to external stakeholders the management’s commitment to in mitigating against a cyber attack and data breach. Even if you are a small business owner, having an information security policy is needed to document what you have in place to safeguard confidential data, especially private personal data.

The trend of employees working remotely also adds to the risks of a cyber incident. Sometimes, users would be working over 3^rd party networks, whose security could be lacking. While transmitting unsecurely on these 3^rd party networks, they run the risk of being compromised through a “man in the middle attacks”.

In the last few years, many countries across the world have been erecting privacy laws to protect the privacy of its citizens.

In the event of a data breach, there will be an investigation by the regulators. One of the things they would request is the company’s information security policy. The existence of an information security policy will provide the regulators with an idea of the management’s commitment of taking cybersecurity seriously. If a information security policy is lacking, the company runs the risks of attracting a hefty fine.

Just like any other policies in the company, understanding the content of the information security policy should be made mandatory. Every employee should comply with it to insulate themselves and the organization against regulatory fines and civil suits.

With the increased chance of a cyber incident, companies need to start preparing themselves for one. Careful consideration of how to defend and respond to one is more important than ever. The information security policy is an excellent place to start in improving a company’s cyber posture.

We can help in drafting one for your organisation, shall we have a conversation?