Where data is involved the companies profile and brand are at risk. An organisation should have a privacy policy, technical security measures in place and a documented information security plan.
We are in the best position to anticipate the need for capital funding. Potential investors are now keenly looking at the data privacy and data security processes that are in place, prior to investing in organisations.
Also in divestment situations, the need to have data organised to enable it to be suitably and promptly extracted should be planned and known
There is always risk associated with sharing your financial information with vendors or customers. Allowing for this risk in deals is a necessary requirement to ensure that that organisation is protected.
The new Compliance rules if followed ensure that any risk is minimised. Monitoring of information is critical so that if a breach occurs that you are able to respond quickly and appropriately to any data incident.
By ensuring that the organisation is openly aware of the sensitivity to data privacy and security, you can create a culture that places value on the processes and procedures that help minimise risk.
