The level of data protection that companies and individuals have can prove to determine how safe is their confidential and intellectual data in this fast-paced and technologically progressive world. Hackers can access systems in a matter of a few minutes, provided they have the expertise or knowledge of security firewalls (which they most definitely would). You may need a
merger and acquisition firms in India to ensure that your lost data backfires in the least damaging way, considering yourself and/or your clients.
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Each successful organization has a strong data protection and privacy policy in place to ensure stringent and thorough scraping of bad-intention hackers on the world wide web. Besides, if companies function and earn in millions due to collecting customers’ data, they must undoubtedly have a data protection pipeline in motion to ensure the least interruption in their most profitable department. Despite all the advanced technology and immense focus on data protection and privacy policies in cyberlaw, there is yet an alarming number of cases that put businesses and individual operators at great risk. Keep reading to know more about this topic –
- There is a significant difference in Data Security and Data Privacy – Data security would be ensuring that no 3rd party individual or organization gets access to your data without the authorized permission of usage. This keeps out potential hackers by installing foolproof firewalls and digital security protocols. Data privacy, on the other hand, ensures that the process of data collection and distribution is done keeping in mind the rights of the individuals whose collected data is being monetized. Irrelevant of how well protected the data collection and storage method is, if the rights of the individuals are violated, data privacy is violated too.
- Number of worldwide privacy regulations – Due to the upscale usage of technological concepts and inculcation, GDPR (General Data Protection Regulation) had to be introduced to ensure that the loopholes in the old laws are not exploited. In fact, the GDPR law has not only been adopted globally but also given these data providers the right to repossess control over their data privacy, under any means necessary. New marketing plans, data collection techniques, lead generation techniques and companies altogether need to ensure minimal exploitation of data collected.
- Penalty for breaching such privacy and confidentiality – Any individual or organization that has got their hands dirty in breaching data privacy laws of consumers and the masses, whether it is related to registers, emails, addresses, documentation, purchase history, images, etc. is liable to undergo a jail term of up to 2 years, along with the possibility of a fine of Rs. 1,00,000. This has been very clearly stated in Section 72 of the Information Technology Act, 2000.
- Privacy Policy – This is another factor that every established or to-be establish organization or individual must have on their website or service page. Privacy policy gives a detailed understanding regarding how would the company collect, disclose, distribute, share, delete or deal with a consumer’s data. All these rules are made in the best interest of the consumer’s privacy and well-being, to ensure that they face no consequences of data mismanagement.
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Such documents take the consent of the consumer to collect data while also stating multiple purposes that his data collection and distribution is occurring for. All the security practices, protocols and registrations are mentioned regarding the release of any sensitive or not so sensitive data. These policies also clearly state the type of data that is being collected. If you ever feel that data has been unlawfully collected or distributed to somebody who contacts you at a later date, then take the help of a law firm in India that specializes in data protection laws.
- Aftermath of non-compliance – It takes approximately 9 months to identify a data breach and around $150 to compensate for each leaked data point. Companies who have the cashflow may be able to afford such penalties. But, the small and medium scale businesses under no means can find themselves in a situation of data breaches or data leaks. Due to the exceptionally high costs of fines involved, they can be forced into liquidation, with no option but to pay for their mistakes. This is why investing in data protection and data regulation agencies and software can not only prove to save you from prospective future trouble, but also automate all your data safety pipelines and mechanisms.
Think about Facebook, they have had to keep aside millions of dollars due to their involvement in a large-scale data breach. There are lucky to have been in the social media game for over 15 years. This has given them a massive amount of earnings that lets them allocate funds to keep aside an amount for mishaps that they have recently faced
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Data protection and privacy policies are no joke and can be the make or break reason for most individuals and companies trying to run a business. No doubt data collected can prove to be gold for analysis and business strategy purposes. But all this comes with the risk of losing what you have already built and earned over the years.
