Data privacy safeguards our personal information, prevents identity theft and fraud, protects the trust and reputation of individuals, companies and entire nations. It helps businesses maintain their competitive edge by ensuring that sensitive data does not fall into the wrong hands.
However, the data privacy landscape is changing. People have become increasingly wary of how their information is used by organizations. The average American feels like they don’t understand what is being collected or how it is being used. This wariness is fueled by numerous high-profile data breaches and a lack of trust in the digital economy.
The global data privacy debate continues to be a major focus of both business and government, from the GDPR that gives EU citizens control over their personal information to state-level regulations like the California Consumer Privacy Act (CCPA). As businesses collect more personal information and integrate it into internal systems, it becomes increasingly important to ensure these privacy controls are in place and effective.
A failure to prioritize data privacy could lead to a data breach, costly fines and regulatory violations. It could also cause the loss of customer trust and damage a company’s reputation.
In today’s data-driven economy, access control is vital for the success of both consumers and businesses. Without proper security, hackers can access a large amount of personal information to commit crimes such as identity theft or sell on the dark web. The resulting damage can be devastating for both consumers and businesses alike.