A think tank said the current environment will force companies to adapt to the demands of enhancing and providing convenience to consumers.
“Executives and organizations must adopt a holistic approach to governance, risk management and compliance, specifically in the area of privacy and data protection with the earnest intent to innovate and grow.
Organizations that build a culture of privacy and data protection, including compliance, will be able to create a competitive advantage putting the health and safety of its customers in the digital sphere,” Edwin Concepcion, Straits Interactive country manager for the Philippines, told the BusinessMirror in an e-mail interview.
On the issue of data security and data privacy, Concepcion said they have observed that the top management of several organizations are committed to abide by privacy and data protection. However, Concepcion said the pandemic has caused strains in business operations.
“Sadly, data protection is put on the back burner due to the many priorities of the company and focus on health and safety.”
Concepcion said it is important for organizations to understand the rationale of privacy and data protection. When companies have a clear knowledge of data protection principles, Fernandez said, they can work on its purpose and translate the requirements into its data processing information lifecycle.
Information lifecycle is the collection, use, disclosure/disposal and storing of personal data. He said the rules in personal data processing or the information lifecycle can be embedded into practical standard operating procedures that enhance business operation activities efficacy and can provide tangible benefits.
“Organizations and business leaders need to have some paradigm shift and look at privacy and data protection as a business enabler especially in the turbo accelerated digital transformation induced by the pandemic. Most organizations look at data protection as another compliance activity that does not provide concrete business impact,” said Concepcion.
He said organizations should also put in place a data protection management program that is appropriate to their business operations and that identifies and mitigates privacy and data protection risks.
“Implementing a data protection management program does not have to be costly. And it can have the added benefit of identifying ways of improving, including streamlining, business processes—resulting in a better customer experience and lower operating costs.”