With the advent of the “N” number of social media platforms, the collection of data is the new currency that everyone is interested in investing in. It has become a go-to resource of earning and is one of the most important commodities that management should value.
No doubt that the companies collecting the data earn a fortune, but they should know that there is always a danger of breaching into the data collection. The reputation and the brand image just falls drastically if any of such breaching news happens to be published in newspapers or roll over the internet. And hence it is made imperative for the data collection company to safeguard every personal and sensitive information coming from the client, customer, employee, or contractor.
The need to adhere to the data compliance principles and meet global regulatory standards is rising. You would be surprised to know what IBM found out. It says every company that compromised with your data can cost $148 for the reputational damage done. Hence, we can say that a company just can not afford to overlook data protection activity.
If you are a rookie into the data security scenario, let us explain to you the exact meaning of data security.
Data security is the process of handling sensitive data that is collected from valuable users on a daily basis. This sensitive data can be anything, from employee home address, credit card details, or personal details. Companies collecting such data are obliged to protect these data against any breach and also meet the data privacy laws laid down by the government.
However, there are national as well as global levels that need to comply with while dealing with the data collection. So, you may ask, how would you ensure the compliance of data security? Well, being data compliant means having workflows and security policies in place that explain and ensures that your business focuses and follows data protection laws in line with the government.
If your organization has a data security policy in place, then you can build a strong, trusting relationship with the clients and customers globally. Your customers shall feel more confident in sharing their personal and sensitive information with you, and you would be responsible for acting to the best of your ability.
So the next question that you may have is how to keep the data secure?
In order to prioritize the data security process, you need to deeply dive into the sensitivity of the data that you have collected. Inline the processes with that of the International Organization for Standardization (ISO) that aims to implement a series of data management systems. This process further ensures that data protection at each level is maintained, and no IT systems are put at risk. Being certified with the same put your customers’ minds at ease, and they feel safe while trading with you.
In the next section of this write-up, we have listed down some of the guiding points that shall help you in drafting your data compliance program.
You need to understand your data risks, legal and ethical obligations:
It is the first and the foremost thing that every company should consider while framing a data compliance program. You need to look and understand the laws from every nook & corner of it and find out in which area do you fall into. Perform a careful analysis, find out your regulation obligations, and then move ahead.
Pen down and review your existing policies:
If you already have an existing data security policy in place, it should be properly documented. If not, then pen down your obligations and risks that you have understood in the first step. Make sure that the drafted data compliance program is verifiable and easily accessible using reports and documentation.
The person responsible should review the program on a regular basis and ensure that the program is performing as per the plan. If any inadequacy is found, it should be addressed straight away.
Define the ownership:
Each business process comes with ownership of the program. In this process of drafting too, you need to define the persons who will be responsible for maintaining confidentiality and data protection.
Provide training and necessary resources:
Acknowledge your team & staff about the policies and data compliance program. If required, train them about record keeping, risks analysis, and auditing. This step allows everybody to remain on the same page and fulfill their role in the best possible way.
Data compliance activity is the necessity of the hour and you need to think out-of-the-box ideas for complying with the territory that you operate within.
