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Seven types of privacy data your company cannot ignore

This Friday 25th of May 2018, is the day that potentially opens a new chapter in the digital age. It is the day when companies that collect data on citizens in the European Union (EU) will need to comply with the strict new rules around protecting customer data.

It is also a date that begins to test the preparedness of numerous companies and their ability to manage their most important data. i.e., the data about people, specifically their customers.

For months possibly years, companies have been working hard to put their systems and processes in place, in order to comply.

But, are they really ready?

Only time will tell, if a company is really ready. The cost of non-compliance fines could be anything up to €20 million, or 4% of the worldwide annual revenue of the prior financial year, whichever is higher.

Enterprise, can pro-actively prepare to evaluate their progress in complying with GDPR. Here are seven types of privacy data a company can do it’s best to protect and keep private.

  1. Basic identity information such as name, address and ID numbers
  2. Web data such as location, IP address, cookie data and RFID tags
  • Health and genetic data
  • Biometric data
  • Racial or ethnic data
  • Political opinions
  1. Sexual orientation

Going back to the basics of “data management 101”, any customer data is typically treated as Master Data in any reasonably mature enterprise. In reality though, the discipline of Master Data Management has not necessarily been the strength of many companies. Including large household names. This is not surprising at all.

After all, there is a good reason why there are only a few companies who are, disciplined market leaders.

If your company, regardless of it’s size and scale, intends to commit towards becoming a leader in the digital age, then your data is the best bet, along with your people. Data, in effect is the reflection of a business process. When the business processes are well understood and managed, this discipline will naturally be reflected in, mature data management that gives due consideration and resources to manage Master Data relevantly for the digital age.

A starting point office, is to have an enterprise data policy to begin with, that not only helps the enterprise comply with regulations, but equally important is the need to create opportunities for growth in the digital age. The enterprise data policy, should be crafted such that the above seven points are appropriately addressed.

Compliance and growth should go hand in hand. Take care of these seven types of privacy data, and the data will take care of you, in return!