15 years: Data privacy & GDPR
In the first video of his series on "GDPR (1/10): Why data protection matters" , Punit explains us what privacy is, why data protection is so important for an organization and what the consequences are if this key aspect is ignored.
In the first video of his series on "GDPR (1/10): Why data protection matters" , Punit explains us what privacy is, why data protection is so important for an organization and what the consequences are if this key aspect is ignored.
Privacy matters to individuals and organisations. Privacy laws provide guidance on how organisations can collect and process data in a lawful manner while protecting it.
Key learning objectives:
Define Privacy
Understand why data protection is important for an organisation
Outline the consequences of ignoring the key aspects of data protection
Define Privacy Law
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Privacy is the protection of personal information. Such data should be accessible to only the people who should rightfully have access. Examples include:
Loss of data has an impact on customer trust, organisation’s reputations and financials.
Research says that:
The average of the Top 5 privacy fines in Europe in the first 2 years that GDPR came into effect is in excess of € 30 million.
In a situation where there is a loss of trust, financial costs to fix the situation and fines from authorities, it is also going to have an impact on the organisation's reputation and company’s equity valuation.
Privacy laws define the rules for the processing of personal data, having a law means your privacy is more guaranteed than it is without a law.
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