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What is data privacy day?

Data privacy day is an international effort aimed at boosting the knowledge of the importance of privacy and data. This year, it’s on January 28.

The day is a good prompt as the business year gets into full swing to set aside some time to examine how your data security procedures are currently set up. It’s also the time to ask yourself some honest questions about how secure your business, employee and customer data is, and if it needs some improvement. 

Why is data privacy important to businesses?

We all know that data privacy is important to businesses of all sizes. But from our years of working with Australian small and medium sized businesses, we think we’ve pinpointed the most tangible reasons this is the case:

1. Legal Compliance

1. Legal Compliance - Australia is fairly advanced in terms of the laws and government bodies in place that are there to make sure that businesses protect personal data and inform individuals of how their data is being used. Failure to comply with these laws can result in hefty fines and damage to a company's reputation.
2. Risk Management - Businesses collect and store large amounts of sensitive data, such as the financial information of customers and copies of personal identification documentation. If this data falls into the wrong hands it can cause significant financial losses.
3. Competitive Advantage - In today's digital age, businesses that prioritise data privacy are more likely to attract and retain customers who value their privacy. This is especially the case when customer data protection is top of mind for many Australians when choosing their service providers.
4. Employee Trust - A company's employees expect their employer to protect their personal data. If a company fails to do this, it can lead to loss of trust and morale among employees, and affect future recruiting and retention efforts.
5. Brand Reputation - Data breaches and mishandling of personal data can lead to significant damage to a company's reputation. It takes a long time and significant effort to win back the trust that is lost when this happens. 

What are 3 practical tips for businesses to improve their data privacy?

1. Implementing robust data security measures

This includes implementing technical and organisational measures to protect personal data from unauthorised access, alteration, disclosure or destruction. This can include measures such as encryption, firewalls, intrusion detection systems and regular security audits.

2. Conducting regular risk assessments and audits

It's important for businesses to regularly audit the risks to personal data and take appropriate measures to mitigate those risks. Data Privacy Day is a good annual prompt to do this. Actions you can take include identifying the types of personal data being collected, how the data is being used, who has access to the data, and the potential risks to the data.

3. Providing employee training and education

Ensuring that employees are aware of the company's data privacy policy, procedures and security practices and have the knowledge and skills to implement them. This includes providing training on data protection, privacy, and security and regular reminders of good security practices such as password management, and phishing awareness.

If you’d like to understand your obligations as a business owner under the Privacy Act and other Australian regulations, or want to be proactive and get your cyber security audited to begin the new year, or would like help with implementing a robust employee training program, CyberUnlocked has the experience to assist you get the answers you need.