January 27, 2023 The importance of Data Privacy

Data Privacy is a topic that has been gaining more attention in recent years, not only since the introduction of the EU General Data Protection Regulation (GDPR) and local data protection legislation here in the Channel Islands, but generally because our online, digital, and physical lives are becoming increasingly interconnected and dependant on data.  

With the rise of technologies such as the Internet of Things and the use of Big Data analytics, the amount of personal information being collected, stored, and shared is at an all-time high and increasing rapidly. The importance of data privacy has become more relevant than ever.  

Data Privacy is the concept that we all (as data subjects) can control from how our personal data is used, collected, stored, and shared. This control is especially important in the digital age, as businesses, governments and organisations are increasingly leveraging substantial amounts of data to make decisions and provide targeted services.  

We have seen massive data breaches and millions of pounds in fines levied in sectors ranging from retail, financial services, healthcare and tech/social media companies.  Aside from the monetary impact of a data breach, there are also legal and reputational risks to consider and the general loss of trust between the customer and the supplier in the aftermath of such an event.  

It is therefore essential that organisations of all sizes understand the importance of data privacy and put appropriate resources in place to ensure data that they are responsible for is adequately protected. Data security is a business risk and rightly deserves it place for consideration at Board level right alongside other matters of risk that a business or organisation may consider.  

Here at Oak, we continue to invest in the latest technology aligned to both our client and business requirements. We provide ease of access to your data and documents whilst ensuring we work in accordance with and beyond the relevant data protection legislation. 

Data Privacy really is a top priority for Oak because we see it as an enabler, giving our clients peace of mind their personal information is protected.