The industrial revolution has led to a complex and diverse operating environment for business globally. Among key concerns for organizations and individuals alike is the ability to protect data. Having a data privacy system limits who has access to important data. The importance of having a Private Information Management Systems (PIMS) cannot be overlooked. Locally, there has been a rise in privacy regulations. Which calls for an informed background before complying with the privacy laws.
The disruption across industries has increased the risk of private data loss. Think of a health care institution, which has several stakeholder data such as suppliers, employees, researchers, patient’s, among others. What is the best way to keep this data away from prying eyes? What would be the fall-back plan in case of a breach? How would they deal with compromised data? This is where a PIMS system comes in, to secure stakeholder records. It minimizes the liabilities that may accrue upon losing such data.
Financial institutions also have a high risk of data privacy compromise based on the network approach they use to drive growth. Risk Based Security (RBS) ranks healthcare, information, and financial sectors as most vulnerable sectors to be breached. A clear indication of the importance of a system that protects personal data.
With the recent public outcry on social companies’ possible data privacy infringement key measures need to be put in place to prevents this. Further, the surge in cloud computing has a genesis in the desire to protect such.
How does a PIMS work? It provides operational controls. If implemented as per the ISO 27701-2019, PIMS promises to reduce the liability that accrues to all organizations dealing in customer data. Firms processing huge and sensitive data need to consider it, with the involvement of privacy experts.
Organizations that follow the ISO 27701-2019 Standard generates documented evidence of how to handle the processing of PII. Such data is used to make agreements with business partners where the processing of PII is mutually beneficial.
Data loss by industry (source Risk Based Security)
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