Examining the Differences Between Data Privacy and Data Security

Data privacy and data security concerns have been a constant occurrence since humans began using computers. Along with the rapid proliferation of the internet came the commoditization of consumers' personal data. This is a direct consequence of businesses' dependence on data. But, in using the data, companies open themselves up to additional risk. The economic impacts and reputational consequences to businesses are more complex and more significant than ever before. Quickly-evolving global regulations around data protection have triggered sweeping corporate compliance initiatives around the world. Simultaneously, consumers are becoming more knowledgeable about their rights to control access, use, storage and sharing of their personal data. The result is a tremendous responsibility on companies to stand up the necessary processes and controls to protect the personal data of its consumers — immediately. Companies are scrambling to develop a data protection program that aligns with the General Data Protection Regulation (GDPR) and other data protection regulations. As businesses develop data protection frameworks to ensure compliance, it is important for companies to design a data protection program that contemplates data privacy and data security individually, to achieve the most comprehensive data protection program.

Why Should Companies Be Concerned?

Data is a core component of business and companies are continuously accumulating large amounts of data from various sources. Companies need data to meet customer needs and allow businesses to respond to sudden stock market swings and unforeseen events. For many companies, the need to adopt data practices that align with industry standards may be a major driver of corporate strategy. The quantity and depth of enterprise data created within the regular course of doing business requires a non-stop evolution of controls to properly protect and maintain personal data.