Data Privacy Is Lacking In Your Business – Know How

No one can deny that an entire business system is standing on a pile of critical data. Every block of data is necessary to run a business successfully. From using mobile devices to desktops, the stored data is responsible for keeping a task ongoing.

Today, cloud technology is taking control over all business data. Every kind of information is available online in today’s time. Therefore, it is necessary to secure your data on every device to succeed in your business.

Whether you are using Odoo or other open-source software, Data Privacy in ERP is extremely important.

Let’s understand what data privacy is, why it is important, and how a business can achieve it.

What is Data Privacy?

Data privacy is a style of securing your business-sensitive data from unauthorized visitors. It is a way of preserving and maintaining well-structured data online, where information can be tracked easily.

When everything is easily accessible, it is important to track who is viewing your data & how they are using it for their personal benefits. Storing necessary business data without a solid strategy can bring unexpected consequences.

Build a bridge between your vital data and intruders to preserve the foundation of your business.

It is easy to focus on the threads posted by attackers, but this is just half of the story. Protecting your privacy is as critical as data security.

What is the difference between Data Security and Privacy?

Many times a user gets confused between data security and privacy. However, both terms seem similar but with different concepts.

• Data Privacy: It addresses the legal collection, storage, and use of data.
• Data Security: It is the safeguarding of data from illegal activities and intentional hacking.

In other words, Privacy refers to the right you have to control your information over various channels. Whereas Security refers to how your information is protected from other people to access it for their personal usage.

Why is Data Privacy Important in Any Business?

Keeping sensitive and private information safe is paramount. Lack of data privacy brings huge failure to the business and people’s lives. The financial data of any business is amongst the most vulnerable data if not protected properly.

Here are 11 reasons why data privacy becomes important to any business.

1. To fulfill legal standards.
2. To encourage and promote innovation.
3. To avoid data leakage that causes harm to data subjects or humans.
4. To preserve and increase the value of the company.
5. To avoid breaches that cause harm to enterprises.
6. To enhance and expand the business.
7. To promote ethics.
8. To accommodate your clients’ requirements.
9. To acquire a competitive advantage by standing out from the crowd.
10. For maintaining the trust of your customers, public, and investors.
11. To increase consumer loyalty.

Companies may be vulnerable to cybercrimes due to a lack of access control over confidential information.

As an increasing amount of our lives and activities take place online, cybersecurity is a growing concern. This is how data privacy laws come into the picture.

What are Data Privacy Laws?

Depending on your location, data privacy rules and regulations are operated. Different countries and states will have different data privacy laws.

Although the European Union has established laws in all of its member nations, various countries have set their own regulations.

More than 75 countries have adopted data privacy laws to build a strong and trustworthy relationship with users. 

Data privacy laws entail protecting the confidentiality and authenticity of important data. Every internet user must be aware of their state data privacy regulations to avoid becoming a victim of cybercrime.

How to achieve Data Privacy?

Technologies evolve every now and then, and data security becomes important when technology increases.

Eliminating all the risks associated with your data is not a one-stop solution. Over time, your data value decreases, risks and costs associated with it increase.

Data Privacy Day is recognized on 28th January every year to help users understand how they can de-risk their data. To get more information on how Odoo can save your business’s valuable data, consult with the data privacy experts.

Stay secure and keep your critical data confidential from malicious hackers!