Data privacy empowers individuals to maintain control over their digital identities. It lets them consent to data collection, specify the purposes for which their information is used and revoke that consent if circumstances change. It also protects them from having their data exploited or misused without their explicit permission. Data privacy has long been considered a fundamental human right in many parts of the world.
Maintaining Trust: Businesses that prioritize data privacy and demonstrate their commitment to protecting personal information cultivate a sense of consumer confidence, leading to stronger relationships and greater loyalty. Moreover, data privacy enables companies to create new services, products and experiences that are built upon individuals’ willing and informed consent.
Protecting Sensitive Data: Organizations should limit the use of sensitive information, including personal financial data and social security numbers, to its primary purpose. They should also implement security measures like requiring multi-factor authentication to prevent access by unauthorized people. In addition, organizations should encrypt data to make it unreadable by unauthorized people.
Individuals reserve the right to be told which of their data is being used in an AI system and to request that they not be subject to automated decision making. Data minimization is another key component of data protection, along with risk assessments and contractual obligations to ensure that companies don’t collect or retain more data than necessary. Finally, individuals have the right to request that their data be corrected or deleted if it’s inaccurate.
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