The term Data Privacy Protection to many businesses and service providers seems like an additional hurdle in their quest and journey for building up the next mega-corporation like Google or Facebook. Ironically, there are many facts and stories about how the biggest corporations don’t respect data privacy. However, many such corporations became big when people and governments were not that aware of the kind of digital footprints individuals leaves and the way the data is exploited by businesses.
With the count of aware internet users increasing and governments across the globe becoming serious about implementing data privacy laws and regulations, the free-run for businesses who made money purely by exploiting individuals data is about to end.
This gives a unique opportunity to businesses who are willing to walk the extra mile to build a profitable venture and a legacy out of their brand name. Believe it or not, there are many good reasons for data privacy protection. Some of them are enlisted hereunder :
- To stay compliant: While on the face it seems to be a baggage, but being compliant with applicable laws and regulations is half the battle won. Firstly, you minimize the chances of any claim s coming your way because of the violation of a law. You would have heard about the huge penalties slapped on many big names because of the violation of rules such as GDPR ( General Data Protection Laws).
- Happy business partners and investors: When you stay compliant, you are confident. It will keep your business partners assured. Moreover, if you are looking out for investments, you will have favorable due diligence reports, which is the first requirement from any serious investor. Lastly, you minimize the chances of losing business accounts for being noncompliant.
- Business Gain: Complying with the data privacy protection rules and laws will automatically make businesses implement appropriate safeguards and protocols. This will in most cases result in reduced breach incidents. Reduced number of incidents would mean greater client trust which will automatically generate more business for you.
- User trust: Maintaining good data privacy standards would lead to an assured user which will in turn lead to his or her loyalty. Research shows that a majority of users have their concerns regarding privacy while using any service or platform. If you stay compliant, the lack of incidences would automatically earn you a faithful user which of course would strengthen your business. On the contrary, in case you overlook it, you might be looking at class-action suits against you which would be the last thing you would want as a business.
- Safety and protection: A personal information leakage for a data subject can cause havoc in his or her life. What may be simply bits and bytes for a business might be critical personal information or secrets for the person it belongs to. If your system promotes data protection, it will minimize such exposures and garner user trust in the long run.
- Brand value strengthening and key differentiator: The cumulative effect of the above points as explained would be a stronger brand value for your business. Moreover, your business will stand out in the crowd because of the positive compliance that you will maintain, especially in this era of privacy-conscious young generation.
- Technology realignment: To become technologically compliant with data privacy protection you might have to revisit the technology development process. This will give you an opportunity to realign your technology and improve the product along with making it more secure.