Data privacy is an urgent issue for both consumers and businesses. With each high-profile breach that makes the headlines, customers increasingly worry whether their personal information is protected and being used appropriately.
Businesses have been put on notice: Recent disclosures about government and corporate practices have pushed privacy to the forefront. With the new Australian Privacy Principles (APP) now in effect since March 14 2014, the enforcement powers and penalties for privacy breaches have never been greater.
But amidst the growing scrutiny, are business leaders looking at the glass half empty? By considering only what privacy safeguards can prevent – customer loss, brand damage, fines, litigation – they miss out on what the right strategy can enable. Customer data is one of your most valuable assets. Companies that not only protect that data but empower customers to have a say in its use build trust in their privacy programs – and their business.
Rethinking privacy is just one key part to keeping pace with today’s changing realities. As part of the bigger picture, companies must re-evaluate their approach to cybersecurity, understanding the new threats and opportunities a digital world brings.
Senetas high assurance security comments
PwC’s paper highlights the increasing importance of data privacy to customers and investors alike. With the average company data breach costing more than $3million, investors do not want to be associated with data breaches. Similarly, investors and company directors do not want to be associated with catastrophic loss of intellectual property and consequential damages.
However, when sensitive and valuable data are robustly encrypted, successful data breaches will not result in privacy breaches nor lost intellectual property. That’s why Senetas network data encryptors have been chosen by governments and major brands in more than 30 countries. These organisations, their investors and directors, have peace of mind knowing that cyber-criminals, who attack their data networks, will only obtain meaningless bits and bytes, and their customers are able to continue to trust them.