Privacy and Sensitive Data Concepts
It is vital that private and sensitive data is labeled and handled correctly, as doing otherwise would adversely affect a company's reputation and could lead to a regulatory fine. Let's look at concepts relating to data, starting with the consequences of a data breach.
Organizational Consequences of Privacy Breaches
If a company suffers a data breach, there can be several repercussions. Let's look at some of them, starting with reputation damage:
- Reputation Damage: When a company suffers a data breach and it is known to the public, it can cause their brand to become tainted as they lose the respect of the public. This could reduce sales.
- Identity Theft: If any data held on a customer is stolen and then used for identity theft, the company will be sued for damages.
- Fines: Data breaches could result in regulatory fines. An example would be the EU GDPR, where the maximum fine is 20 million euros or 4% of the company...