Privacy and data protection, and how this is governed by businesses within the technology sector is definitely an area that businesses should ensure they are getting right.
There are numerous examples of changes in regulation and public policy that could affect your organisation. For example:
- If you store data in the US, are you considering the implications of the invalidation of Safe Harbour arrangements?
- How well do you understand changes in EU data protection regulation, and how are you preparing yourself for this potentially huge change?
- Given the Office of National Statistics significant estimates of cyber-crime in the UK, how are you maintaining sensible and effective cyber security? This is a core principle of data protection. How are you able to demonstrate your competence to your stakeholders and the public?
The costs of a data breach to any organisation can be crippling. Potential law suits and legal costs could be the start of the end for any business. You need to ensure that your organisation is suitably protected and compliant at the outset.
At Moore Stephens, we have researched and built a benchmarking model to determine:
- whether (or not) businesses are fully aware of privacy and data protection regulations;
- whether they are complying with the regulation as best they could;
- do they have internal systems and controls comply effectively;
- are these measures consistent with the industry as a whole.
Many have no idea whether they are complying with privacy regulations – particularly in light of current regulatory changes. Our benchmarking solution offers an opportunity for technology firms to shine a light on potential privacy challenges they face, at no cost.
If you are interested in finding out more around this subject or would like to participate in our free benchmarking service, then please do get in contact with us