For every valuable commodity, there are rules and regulations in place, to ensure smooth and ethical resource management and transfer practices. A code of law is imperative to ensure that the commodity is ethically sourced, stored and transferred, be it gold, oil or data.
Data is among the most valuable commodities in recent times and to regulate its flow, there are data privacy and protection laws in place.
The gross accumulation of information, known as data has grown exponentially in value. Data gives you a better understanding of the customer, helps you make informed projections and calculated business decisions, gives you a competitive edge and provides solutions to various business problems.
Data can also be bartered, sold or purchased making it a hot commodity. However, since it is sensitive information that could threaten the privacy of individuals it must be treated with caution. Also, the sheer value of data has resulted in unethical data extraction processes that individuals find invasive and unwarranted. According to a survey conducted by PEW Research Center, “79% of respondents said they are very or somewhat concerned about how companies are using the data they collect about them, while 64% say they have the same level of concern about government data collection.” To protect the privacy of individuals and regulate the flow of information, data privacy regulations were instated.
Data privacy can be defined as a division of data management that deals with data procurement handling and transfer in compliance with data protection rules and regulations and general privacy laws. Almost every country has its own set of data privacy laws, however, European Union’s General Data Protection Regulation or GDPR is globally recognized and has inspired data compliance standards across the world. In the United States, Health Insurance Portability and Accountability Act (HIPAA) is a federal law, that protects the right to privacy as well the data of patients while providing strict guidelines to ‘covered entities’ to mine, store and transfer patients data. The California Consumer Privacy Act (CCPA)was enforced by the Attorney General of the State of California to safeguard consumer’s right to privacy. The act gives power to individuals when it comes to their data and gives them the right to know why their information is extracted and how is it going to be used. Similarly, there are data compliance standards in countries like Brazil, India, South Africa, China, Japan, Thailand, Canada and many other countries.
Click here for an in-depth study on global privacy laws.
The prime deputation of data compliance standards globally is protecting the privacy of individuals and maintaining the integrity of data.
Data privacy regulations ensure that the data extracted from the individual is used ethically and utilized only for the purpose it was extracted. Most data compliance standards across the world also require companies to get official consent from individuals to extract data. Some regulations also offer the option of ‘request deletion’, which individuals can use whenever they want companies to delete their information.
It also enables the smooth transfer of data from one party to another while ensuring both parties adhere to standard compliance protocols. These regulations ascertain that the integrity of data is protected and it is not being misused or manipulated for personal gain.
To learn more about data privacy compliance standards, click here.
It is imperative that your data extraction processes should be compliant with global data privacy standards. Considering this, listed below are a few safe and ethical strategies that will help you extract data.