A Firm's Data Protection Arrangements
Punit Bhatia
15 years: Data privacy & GDPR
In this video, Punit gives us an overview of the different data protection arrangements that an organization should put in place to ensure compliance with data protection requirements. He further explains the three categories of data protection i.e., "Being ready for managing personal data breaches", "Managing data subject rights" and "Fulfilling accountability".
In this video, Punit gives us an overview of the different data protection arrangements that an organization should put in place to ensure compliance with data protection requirements. He further explains the three categories of data protection i.e., "Being ready for managing personal data breaches", "Managing data subject rights" and "Fulfilling accountability".
A Firm's Data Protection Arrangements
10 mins 35 secs
Organisations must prepare and intend to be prepared to respond to breaches of personal data as they can have major financial, reputational and operational consequences. They need to set up procedures to respond to an individual's request for rights and lastly organisations must demonstrate accountability which can be done through keeping up to date records of processing activities, performing data protection impact assessments and appointing a Data Protection officer when necessary.
Key learning objectives:
Describe a personal data breach
Identify how a data breach impacts a company
Understand how a company can fulfil accountability
What is a Personal data breach?
A personal data breach is a security incident where personal and confidential information is stolen by (or accessible to) another individual who was not supposed to have access to it. The information can include a person’s name, birth date, street address, health care history, customer lists, Social Security number, and bank account information. Data breaches can be both intentional and unintentional.
How does a data breach impact a company?
- Reputational damage - lost confidence, negative press, associated identity theft, and potential customer’s views toward your company can take a hit
- Operational damage - from the moment your data is compromised to the entire investigation and recovery process, the effects of a data breach significantly impact business operations
- Legal ramifications - The law allows for affected consumers to be compensated via lawsuits and settlements
- Financial loss - fines or penalties, containing the breach, compensating the affected customers, managing changed stock valuations and heightening the security are all material financial consequences
How can a company fulfil accountability?
Compliance with GDPR is part of fulfilling accountability. Some things that help a company demonstrate accountability are:
- Data Protection Officer (DPO) - person who will be formally assigned and tasked with ensuring that a company remains aware of data protection responsibilities and complies with its data protection responsibilities
- Maintaining Records of Processing Activities - This is a legal obligation that companies maintain records of personal data processing activities
- Data Protection Impact Assessment or DPIA - a process to help you and your company to identify and minimise the data protection risks of a project
- An EU representative is also necessary if a company monitors the behaviour of individuals in the EU
- A company must keep a log of all decisions relating to data protection and GDPR compliance
Punit Bhatia
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