How best data privacy practices defines international data regulations?
By 2023, 65% of the world’s population will have its personal data covered under modern privacy regulations, up from 10% in 2020. Today apart from the physical Assets which an organisation possess, Data has become one of the most valuable assets. In the Technology- driven business world, certainly data has created its significance. However, it is increasingly being complex to handle data with frequent cybercrimes, Ransomware, Data breaches both internal and external. With the increase in use of technology all over the world and the evolving Online business platforms, managing cyber threats has become a pivotal responsibility of an organisation. These data privacy laws aim to secure individual data and also to give control to individuals over their data and its processing. Businesses all over the world are necessitated to get compliance with these international frameworks and laws according to their range of business territory and legal liabilities. Although various countries had their own Data Privacy regulations, there are some standard universal data privacy and protection practices.
Six Best standard Data privacy practices:
Data Privacy Policy
Data Privacy policies are legal document that guides employees of an organisation to follow specific guidelines and rules in alignment with various legislations. It was optimal for every organisation to have defined processes and practices that ensure effective implementation.
Minimum Data Collection
Every organization must ensure that only data necessary for the execution of the business is collected and stored until which time it is no longer necessary. Thereafter, the organization must ensure the safe disposal of the data. Minimizing data collection can also reduce storage costs and diminish the scope of compliance.
Maintain Transparency
It is important to ensure every individual was included and offer their consent in the privacy process including consent, notification, and options for them to modify their choices in data collection.
Data Inventory
One way to ensure data privacy is by creating an inventory of data and classifying it based on its sensitivity. Policies should be defined based on how the information is collected, stored and processed for establishing maximum security.
Privacy By Design
Data privacy by design helps to ensure that systems and processes are in alignment with the data privacy and security standards and regulations. An organization should strive to imbibe privacy as an essential component at every stage of development and process.
Training & Awareness
Data privacy and security should be embedded in the business culture and work process. Every employee in this regard should be adequately trained about the industry practices, should regularly update themselves about the evolving cyber threats and the international data security guidelines and principles.
Currently 128 countries world wide have regulated their data protection laws to deal with personal data and privacy. It is the fundamental responsibility of an organisation dealing with data especially personal data to ensure the data processed is safe and secure. India was one of the countries recently to join in regulating data protection law called as “Personal Data Protection law(Bill).