{"id":3374,"date":"2021-12-27T10:34:28","date_gmt":"2021-12-27T10:34:28","guid":{"rendered":"https:\/\/michaelleander.me\/?p=3374"},"modified":"2021-12-27T10:34:30","modified_gmt":"2021-12-27T10:34:30","slug":"4-reasons-a-global-data-privacy-strategy-is-crucial-for-business","status":"publish","type":"post","link":"https:\/\/michaelleander.me\/4-reasons-a-global-data-privacy-strategy-is-crucial-for-business\/","title":{"rendered":"4 Reasons A Global Data Privacy Strategy Is Crucial For Business"},"content":{"rendered":"\n

As technology progresses, businesses use the Internet to collect customer information. <\/p>\n\n\n\n

However, with this advancement comes also the concern for privacy and security. <\/p>\n\n\n\n

If you\u2019re a business owner, you must protect your customers’ information by complying with privacy regulations in various locations. <\/p>\n\n\n\n

To accomplish this, you must devise a plan for analyzing and managing data.\u00a0<\/p>\n\n\n\n

A data privacy strategy will ensure data breaches are prevented and personal data is safeguarded. <\/p>\n\n\n\n

To further address this concern, the Global Data Privacy Regulation (GDPR<\/a>) was implemented in Europe. <\/p>\n\n\n\n

The legislation makes it easier for consumers to access their personal information while also limiting how organizations may utilize this information.<\/p>\n\n\n\n

Read on if you want to weigh the reasons why a global data privacy strategy is crucial to your business.<\/p>\n\n\n\n

To Protect Your Business And Your Customers<\/strong><\/h2>\n\n\n\n

If you don’t have a clear strategy<\/a> for managing data, there\u2019s a tendency for you to collect unwanted information and store data anywhere. <\/p>\n\n\n\n

Fragmented or unnecessary data make consolidation and analysis difficult as this could lead to a data breach.\u00a0<\/p>\n\n\n\n

Information leaks compromise your business and your customer. Confidential business information can be used by hackers in a ransomware attack. <\/p>\n\n\n\n

On the other hand, a hacker may also use your client\u2019s personal information. <\/p>\n\n\n\n

For example, if their credit card numbers are leaked, customers can be a victim of identity theft and fraudulent bank transactions.<\/p>\n\n\n\n

Your company will experience fewer security incidents by implementing a data privacy policy. <\/p>\n\n\n\n

Fewer breaches imply the company does not lose customers’ confidence. It also means the company will not be subjected to fines, multi-year penalties, or civil litigation from cyberattacks.<\/p>\n\n\n\n

To Optimize Technological Resources<\/strong><\/h2>\n\n\n\n
\"Optimize<\/figure>\n\n\n\n

Businesses frequently gather information from their clients and store it. <\/p>\n\n\n\n

Hence, a corporation understands its clients’ demands and the best method to meet them. <\/p>\n\n\n\n

This collected data may be used to determine business patterns, such as the best-selling product and peak transaction times.<\/p>\n\n\n\n

Having a strategy to handle data allows you to collect only the necessary information. <\/p>\n\n\n\n

This means you can remove redundant data, better organize your storage, and optimize your data management methods.<\/p>\n\n\n\n

You may cut the maintenance cost<\/a> of your storage by cleaning it up. Moreover, you\u2019ll most likely eliminate sensitive data, such as former customers’ personal information. <\/p>\n\n\n\n

To Have A Competitive Advantage<\/strong><\/h2>\n\n\n\n

When collecting consent to use data subjects’ data, you must explain how you\u2019ll use their personal information clearly and concisely. <\/p>\n\n\n\n

Thus, you can use your global data privacy as a way to inform about your process and how trustworthy your business is.<\/p>\n\n\n\n

Businesses that adopt a privacy strategy and provide such controls will strengthen and improve their operations. <\/p>\n\n\n\n

Nowadays, customers are becoming more vigilant with the amount of information they share. <\/p>\n\n\n\n

They value authenticity and security when transacting online. It would also be easier to gain their loyalty if they know their information is safe.\u00a0<\/p>\n\n\n\n

Hence, your company should make it clear that protecting their customers’ information is a top priority. <\/p>\n\n\n\n

Your transparent and consistent practices could demonstrate and strengthen emotional bonds with your customer. <\/p>\n\n\n\n

Their patronage will increase brand value and they will more likely choose your company over your competitors.<\/p>\n\n\n\n

You Love To Innovate<\/strong><\/h2>\n\n\n\n

The privacy should be considered as a baseline necessity for every new technology or service containing personal data.<\/p>\n\n\n\n

It must not be merely a distinction or something to be done if legally needed. <\/p>\n\n\n\n

Hence, more creativity is required to develop safe privacy-protecting technologies to reduce privacy risk than to simply exclude such restrictions.<\/p>\n\n\n\n

The public’s need for privacy measures inspires the development of new products and services. <\/p>\n\n\n\n

As connectivity and artificial intelligence become more integrated into businesses, individuals will seek tools to manage their online reputations and secure their identities.<\/p>\n\n\n\n

For example, new applications for smartphones will provide people more control over who discovers them and what information about them is shared. <\/p>\n\n\n\n

Giving people the freedom to keep some facts to themselves might produce a whole new source of income.<\/p>\n\n\n\n

Beyond Compliance<\/strong><\/h2>\n\n\n\n

Complying with privacy regulations indicates how a company is sensitive to public welfare. <\/p>\n\n\n\n

As privacy and security become more entwined, a high level of data protection now entails a high degree of data security.<\/p>\n\n\n\n

Because data privacy laws differ by country, a well-defined data privacy plan may be a proactive and useful guide. <\/p>\n\n\n\n

A global data privacy strategy specifies rules for data access, administration, and usage. It also serves as data protection and advice for your businesses. <\/p>\n\n\n\n

Thus, it could help your business save money and assist you to use data privacy and maintain customer connections.<\/p>\n","protected":false},"excerpt":{"rendered":"

As technology progresses, businesses use the Internet to collect customer information. However, with this advancement comes also the concern for privacy and security. If you\u2019re a business owner, you must protect your customers’ information by complying with privacy regulations in various locations. To accomplish this, you must devise a plan for analyzing and managing data.\u00a0 […]<\/p>\n","protected":false},"author":1,"featured_media":3375,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107],"tags":[],"yst_prominent_words":[52,59,711,182],"_links":{"self":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/posts\/3374"}],"collection":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/comments?post=3374"}],"version-history":[{"count":0,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/posts\/3374\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/media\/3375"}],"wp:attachment":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/media?parent=3374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/categories?post=3374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/tags?post=3374"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/yst_prominent_words?post=3374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}