Personal data refers to data, whether accurate or not, about an individual who can be recognized from that data; or from that data and former information to which the organisation has or is expected to have access. Personal data in Singapore is protected in the Personal Data Protection Act 2012 (PDPA).
Data protection courses equip professionals, managers and executives (PMEs) in Singapore with new competencies using a sensible approach and borrowing from best practices, showing them how to put into practice, meet the terms and to stay in line with the PDPA.
Nevertheless, can it really help businesses? How?
Here a very high-level listing of those reasons, so that everybody can profit from realizing that addressing privacy inside any kind of organization, and inside all services and products that touch personal data in any way, brings a lot of business values, and should not be brushed aside or minimized insignificance.
To Meet Compliance Needs
This is the advantage that is most frequently touted, so I’ll start with it. Organizations that do not put into practice privacy protection face enormous fines in the tens of millions of dollars and up to 20-year penalties for non-compliance with laws, regulations, standards and their own published privacy and safety notices. Organizations also risk losing valuable business affairs by not complying with their contractual needs for privacy protections.
To Stop Breaches that Hurt Businesses
A privacy concept that is common to all global privacy principles, and a requirement in all data safety and privacy legal requirements is implementing strong security safeguards to look after personal data. Organizations that put into action such controls will, as a result, trim down the number of security incidents that result in privacy breaches. Fewer breaches mean that the business does not lose trust, then resulting lose clients or other types of business. It also means that the business does not have to deal with fines, multi-year penalties, or civil suits as an aftereffect of the breach.
To Avoid Data Breaches
Privacy protections involve ensuring strong safety for personal data and all the connected activities concerned with collecting, storing, accessing, transmitting, processing, sharing and disposing of the data. Traditionally organizations have not had inclusive, strong data security controls implemented all through the whole enterprise, through to every end-device. By enforcing security controls for personal data, breaches that negatively impact the data subjects will be avoided.
To Keep and Improve Brand Value
A Forbes Insights study showed that 46% of organizations suffered harm to their reputation and brand value as an effect of a privacy breach. Organizations that plainly makes clear that undergoing data protection courses and protecting the privacy of their clients is their primary objective care about their customers’ privacy, will build emotional relations to their brand, which will improve brand value.
To Support Ethics
Most organizations have well-known business ethics policies or a code of ethics. Even those that have not still need to follow ethical practices if they expect to stay in business for any length of time. Such ethics policies normally indicate something to the effect that confidential information will be handled correctly, not used in activities in ways that can do damage as a result, and used only as indicated for business purposes.
To Preserve Public, Investor, and Customer Trust
According to a Ponemon study specially made by Centrify, 65% of persons whose private data was breached lost trust in the organization that qualified the breach. One in four people breached took their business somewhere else. Organizations that do not apply privacy protections, and subsequently experience breaches, will lose trust, which in turn will result in lower profits and fewer clients.
To Support Your Customers’ Needs
The public is much more privacy-aware now than before. And, as our youngest population learn more concerning privacy all throughout grade schools and high schools, they are having bigger expectations, even before adulthood, that they have growing rights over how their own personal data is collected, used, studied, analyzed, and shared. The public is becoming extra aware of all their growing rights to tell those that gather their personal data that they anticipate having their personal data protected, and have the rights to open and control their personal data
To Support Innovation
Too many people claim that building safety and privacy controls into new technologies, products and services stifle innovation. That is absolute hogwash! In reality, when privacy is persistently addressed inside new innovations, it expands and improves innovations. It does not restrain them. The public is challenging that privacy is protected. Privacy has to be viewed as not just a differentiator or rather be done if lawfully required, but a standard necessity for any new technology or service involving personal data. It takes more modernization to create safe privacy-protecting devices that alleviate privacy risk than it does to just leave out such controls.