What Is Data Privacy, and Why Is It Important?

With the growing popularity and continuous improvement of various devices, as well as the accuracy of technologies for collecting and processing information the question of data privacy became very important.

How Your Information Gets on the Internet?

With an increase in the number of devices that collect user information, consumers are increasingly wondering how companies discover, use and protect their personal data. Talk of digital security is worrisome, with users fearing that their sensitive information will be misused or disclosed to harm them, but the latest study shows that many people are not even aware of the personal information they disclose online.

As you carry out day-to-day operations online, you may expose personal information that attackers can use to violate your privacy. This includes sensitive information such as your IP address, email address. mail, current physical location, home, or work address. For example, online shopping transactions often require credit card information and your home address. As if that wasn't enough to raise online privacy concerns, there are hackers out there and their technology is advancing rapidly. Hackers no longer need to spend hours staring at computer code to gain access to a person's computer.

Companies, government organizations, and others collect data when you:

  • create an account online;
  • make a purchase in the online store;
  • register for the competition;
  • take part in the survey;
  • download free software;
  • browsing the web;
  • use applications on a computer or mobile device;
  • post a photo or status on social media.
  • Why Data Privacy Matters More than Ever?

    In the current economic realities, the use of restructuring mechanisms by companies as a strategy for growth and entering new markets gives an undeniable advantage over companies using other methods of business development. This directly affects the speed of achieving strategic goals and, accordingly, the profitability and efficiency of doing business. However, world experience shows that about two-thirds of such transactions are unsuccessful, the desired level of synergy is not achieved.

    What do you think about data privacy? For a business, a breach of confidential data can have a variety of consequences. For example, it will undermine the trust on the part of consumers and partners, which in the future will have a bad effect on the company's position in the market. Competitors can steal customers, which will lead to loss of profit. And also the leakage of confidential data can lead to increased attention from regulatory authorities, who will arrange unscheduled inspections. And the most negative outcome of this situation is fines, a blow to reputation, deprivation of licenses, partial or complete cessation of the company's activities.

    Privacy settings are important, but they alone are not enough: it is important to make every effort to keep your data safe. If privacy concerns the rights of a person to manage his personal information, then security is a set of protection methods. It starts with software that needs to be updated regularly as new threats emerge every day and software vendors release updates to address them.

    The data privacy notice aims to provide the market value with the most likely price at which the target company could be sold on the open market in a competitive environment. This type of cost is calculated in the conditions of open competition in the market, the full amount of information, as well as the absence of emergency situations. In turn, the investment value is the value of the target company, calculated on the basis of its income for a particular person with given investment goals.