In the "Big Data" age, privacy is more important than ever. People go out of their way to protect physical valuables, keeping their important documents under lock and key. But when it comes to data, things are much different.

Companies collect and manage private information for millions of customers. Using data privacy management software is crucial to any business's ongoing success and reputation. Here's why.

Avoiding Data Breaches

Unfortunately, data breaches are a genuine risk for companies of all sizes. The information an organization holds is valuable to cybercriminals who go to great lengths to try and steal it. Many high-profile data breaches have occurred, and they can be reputation-ruining.

Data privacy measures ensure that sensitive customer information doesn't get into the wrong hands. It prevents a PR nightmare and maintains trust.

Complying with Laws and Regulations

The potential downfall that could come after a data breach is enough to encourage most companies to invest in strong data privacy management software. But its importance goes beyond avoiding newsworthy breaches. It may also be the law!

Many countries have strict data privacy laws. While federal laws don't apply to every company, they can impact certain industries. For example, businesses dealing with protected health information must take extra measures to comply with the Health Insurance Portability and Accountability Act (HIPAA).

Several states also have comprehensive data laws that govern data privacy. Failing to comply could lead to steep penalties, lawsuits and more.

Building Customer Confidence

One of the most important reasons to have rock-solid data privacy measures is to build and maintain customer trust. Many people were naive about data privacy in the early days of the digital revolution. However, that's no longer the case. Today, people are hyperaware of how much information they provide and how much companies collect when using their apps and services.

Data breaches can ruin a company. It has happened before, and it will likely happen again. Many consider data privacy a human right, and failing to protect customers can lead to reputational issues that plague businesses for years.

Author Resource:-

Emily Clarke writes about the best data catalog tools and data analysis softwares. You can find her thoughts at data management blog.