Building trust through effective data governance

Data privacy is about providing individuals with the knowledge and ability to exercise discretion with respect to the types of data that is collected about them, where such data is collected from, the purpose of collection, and who the data is being shared with. This helps build trust by assuring stakeholders that an organization’s data management practices are efficient and safe.

Data privacy and related concerns on trust have emerged as global issues of importance. The world of data privacy has also shifted its focus from guidance to stepped-up enforcement. The large fines levied on some major multinational corporations (MNCs) by data protection authorities for non-compliance with data privacy regulations are making MNCs cognisant of the importance of data privacy.1 Organisations are onboarding a significant number of resources to meet data related requests from customers as they are increasingly exercising their rights over their own data. Catering to such requests requires multifaceted and holistic approaches involving business, legal, technology and information technology (IT) security leadership teams.

Building trust through effective data governance