Given the possible damage to corporate reputation, legal action from advocacy groups, and steep regulatory penalties such as the US$5 billion fine the US government imposed on Facebook for data breaches in 2015-2017, the issue of privacy is becoming a significant concern, according to data privacy and compliance expert Emelie Kogut.
Speaking in August at the US-Chilean Chamber of Commerce (Amcham), alongside Alex Pessó from Microsoft and Héctor Lehuedé from Razor Consulting at an event co-sponsored by the Santiago Center, Kogut identified three major data privacy challenges.
Firstly, there is a shifting privacy landscape, with large countries such as India, Brazil, China, Australia, and the US state of California enacting or preparing to enact data protection laws. Secondly, data breaches have increased in recent years, affecting large companies and numerous customers. Thirdly, the global nature of the internet means that locally based companies may have to respond to issues with customers located in distant countries.
Enacting a robust data privacy program is not merely a compliance burden, noted Kogut, a security executive at Accenture; it must be an issue addressed by top management. A good program can also serve as a market differentiator, demonstrating that companies care about their customers, thereby increasing customer loyalty and engagement while strengthening the brand name.
Meanwhile, Pessó, the legal and corporate affairs director at Microsoft Chile, reviewed baseline privacy legislation. Data privacy consultant Lehuedé highlighted that data protection became a significant concern for boards and management with the EU General Data Protection Regulation (GDPR) that came into effect in 2018.
Data governance involves policy, processes, and people, Lehuedé explained, highlighting the difference between data privacy – the right of individuals to protect their private life – and data security, which pertains to data storage and processing systems and practices.
Download presentations on the following links: Emelie Kogut’s PPT, Alex Pessó’s presentation and Héctor Lehuede´s Power Point.
See pictures here.
