Cyber-security makes it to the top of the list for business risks for 2017. As last year was one of the worst years in recent history in terms of breaches and attacks, people are getting wise to hackers. On the individual level, people are taking personal precautions to protect their confidential and personally identifiable information, and companies are scrambling to keep up with the new demand. As we explore the issues of data privacy, ensure your operation is protected and secured with a Cyber Liability Insurance program.
While storing credit card information and saved purchase histories provides convenience and tailored advertisement strategies for consumers, the rise in cyber-crime has caused many people to think twice about their online habits.
To meet this rising need, the Data Protection Act gives provides protection for the individual regarding the information that organizations keep. According to the Information Commissioner’s Office, the sixth data protection principle states that individuals reserve the following rights:
- A right of access to a copy of the information comprised in their personal data;
- A right to object to processing that is likely to cause or is causing damage or distress;
- A right to prevent processing for direct marketing;
- A right to object to decisions being taken by automated means;
- A right in certain circumstances to have inaccurate personal data rectified, blocked, erased or destroyed; and
- A right to claim compensation for damages caused by a breach of the Act.
Because of these trends, and recent publicized court cases involving data protection and privacy, more people are investing in data privacy on a singular level. New advancements to prevent data mining, and to minimize an individual’s cyber footprint, are being innovated. In addition, companies are taking extra caution when drafting data storage and usage policies, especially as any holes in their policies could leave them on the hook for damages and hefty litigation fees.
An expert from Mayer Brown’s 2017 Outlook on Cybersecurity and Data Privacy explains the following:
As technology has advanced to permit greater capacity to use and store data, regulators across industries are grappling with and prioritizing data privacy issues. Issues that appear frequently across industries include: the adequacy of customer consent for data collections; management of global data flows; how to open up more data for research as well as ensure effective data anonymization; and managing privacy considerations in the context of big data–including new categories of data such as biometrics (facial recognition technology and fingerprints, for example) and images collected through the use of drones.
About Domenick & Associates
At Domenick & Associates, we specialize in protecting small to mid-sized firms from the cyber threats. Our coverage is custom tailored with your clients in mind to guarantee them the best protection. For more information about our products, contact us today at (215) 629-5701.