Learn how we simplify the key privacy obligations for businesses and provide tips on helping businesses get started
What You Need to Know
Key obligations. In today's interconnected world, understanding privacy requirements and implementing them can seem daunting. To simplify this complex topic, we summarise the key obligations into 2 main concepts below.
Why is it important for businesses? Ensuring privacy requirements under the PDPA brings about several benefits, which can be summarized in 3 points below.
Protecting customer trust and reputation, increased business opportunities. Maintaining data privacy safeguards customer trust and confidence. Breaches can damage a business's reputation and lead to customer loss. Customers, especially in finance and healthcare, are increasingly seeking partners who can show that they have processes that comply with privacy requirements, and some have requested certification such as ISO, and Data Protection Trustmark.
Mitigating Financial Risks, Penalties and Operational Disruptions. Ensuring compliance avoids severe legal repercussions such as:
Fines up to 10% of annual turnover or $1 million, whichever is higher
Imprisonment of up to 3 years
Civil claims from customers for breach of contract or individuals for losses suffered due to data breaches
Increasing employee loyalty. Employees are more vocal and increasingly drawn to businesses that prioritize responsible practices. Knowing the company respects the collection and handling of personal information from individuals, customers, and communities may boost employee motivation in their work.
Action Required
We offer some tips on some basic steps to examine and enhance the privacy arrangements in your business.
Get in touch with us to learn more. We are here to partner with you, offering an unbiased perspective and exploring practical alternatives.
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