The Data Privacy Act and the GDPR of EU was born due to monetization of data by companies. Time Magazine has dubbed data as the new OIL so the law is mandating us to protect the rights of our consumers.
But the data breaches is a story of OLD. We can compare the attackers as the BIG BAD WOLF that will blow our house down. And we as the three little pigs. The story goes like this…. one takeslittle time in building the home out of straw and spends the rest of his time playing and relaxing. A second pig builds a home out of sticks, which takes slightly longer, but he too values relaxation time. A third pig chooses to build a home out of bricks, which requires a great deal of time and effort. He values taking the time to build a home properly over relaxation and recreation. When the Big Bad Wolf comes to the homes, only the third pig’s house of bricks stands up to the pressure applied by the wolf.
Moral of the story… hard work and dedication pays off. Companies nowadays are not like companies in the 1980s we need to adapt or else we will die and building our roadmap to protect the personal information of our stakeholders is vital to our survival because as the former deputy commissioner of the National Privacy Commission has said “Privacy is now a proxy of TRUST if I don’t TRUST you I will not do business with you and on the other hand if I TRUST you I will do business with you”. We need to up our skill in privacy and security since these are intangible assets of the enterprise and respect the rights of our stakeholders.
