Advantages of Data Privacy
- Better data use: Timely and high-quality data may help a firm make better decisions about data collection and retention. This can lead to more accurate and pertinent analytical outcomes.
- Improve business reputation: A company’s reputation may be just as significant as its goods or services.
- Lower storage costs: It can be expensive and dangerous to save all data indefinitely. Businesses that rationally choose which data to gather, store, and how long to keep it all together save money on primary and backup data storage.
- Regulatory compliance: Holding appropriate data privacy regulations can safeguard a company from lawsuits and penalties resulting from privacy violations.
What is Data Privacy?
Data privacy is a component of data protection .It deals with the appropriate handling, immutability, security, and storage of sensitive data.The appropriate management of personally identifiable information (PII), such as names, addresses, Social Security numbers, and credit card numbers, is generally linked to data privacy. The concept, however, also applies to other private or sensitive data, such as financial, intellectual, and health-related data. Data privacy and protection initiatives, as well as the legislative needs of different governing bodies and territories, are generally governed by vertical industry rules.