In an era where data is the new oil and artificial intelligence (AI) is transforming the business landscape, the topic of data privacy, and security have moved to the forefront of the conversation. This is especially true in Jamaica, as the government introduces new Data Protection laws to regulate how the ‘commodity’ is handled. The Data Protection Act (DPA), which will take full effect on November 30, 2023, seeks to manage how businesses collect, process, store, and share any personal data within their possessions including that of its customers and employees.
Securing personal data has never been more important as Non-compliance with the DPA can result in serious legal, financial, and reputational consequences. And, with the increased threat of cyberattacks and internal misuse of data, it is essential for businesses to prioritize data security. The rise of big data and AI technologies also introduce new challenges to data privacy and security, making it imperative for businesses to have proper security measures in place to prevent and detect security incidents.
What Happens If My Business Fails to Comply?
Well, the repercussions of non-compliance are much more serious than just a “slap on the wrist.”
Jamaica’s new Data Protection Act (DPA) requires businesses to protect and properly manage personal data within their possession. This includes the names, addresses, phone numbers, health records, banking details, and any other personally identifiable information belonging to their customers and employees. If a business fails to comply with these regulations, it could face legal penalties, fines, and even criminal charges.
We all remember the Cambridge Analytica debacle and there are quite a few more instances to draw reference from. For example, in 2019, the international hotel chain Marriott was fined £99 million for failing to protect the personal data of millions of customers.
According to Attorney-at-law, Roderick Gordon in his presentation at our DPA Security Summit 2023, if found non-compliant, Jamaican-based companies can be liable to a “maximum fine of up to 4% of its annual gross turnover for the preceding tax year, notwithstanding any other penalties”. But, it doesn’t necessarily end there.
In addition, non-compliance can also damage a business’s reputation, which is important for attracting and retaining customers. If a business is found to be mishandling personal data, customers may lose trust and decide to take their money elsewhere. This can lead to a loss of revenue and a negative impact on the business’s bottom line.
If You Think You’re Immune?… Think Again!
The emergence of new technologies and the growth of digital data have made it much more tempting for hackers to target your company. After all, your data is worth millions.
One of the biggest threats to data privacy is cyberattacks. Unlike breaking into a physical vault …or stealing an ATM (?), it doesn’t require a team of skilled thieves to overcome various physical barriers. Instead, a cybercriminal can sit on the other side of the world and infiltrate a company’s network to steal sensitive information with just a few keystrokes.
But that’s not the only threat. An often unaccounted-for threat to data privacy is you!…and your users! Employees can intentionally or unintentionally misuse personal data within the company’s possession. They can share it with unauthorized third parties, use it for personal gain, or simply fail to properly secure it. #GotSecurity?
As companies continue to accumulate vast amounts of data, it becomes crucial for them to ensure that this information is securely safeguarded from all unauthorized users. That is why it is important for businesses to prioritize investing in the right cybersecurity tools.
“More Data, More Problems”…or whatever Biggie Said
The rise of big data and AI technologies has led to an explosion of data that is being generated and collected by businesses. Depending on the type and size of your business, you may have tons of data in your possession, some of which may span decades.
While this data can be used to gain valuable insights, it also comes with an increased risk of data privacy breaches and security incidents. The more data you collect, the more challenging it becomes to manage, secure, and protect that data.
It is critical for businesses to have proper security measures in place, such as firewalls, Zero Trust, Endpoint Security, data encryption and more to prevent and detect security incidents.
Here’s How You Can Ensure Data Privacy and Security
While these tips aren’t exhaustive, they’re a starting point for your organization.
- Implement robust cyber security protocols
- Implement strong data protection policies and procedures – This includes regular staff training and awareness programs on data privacy and security best practices.
- Appoint a Data Controller – It is mandated under the DPA that companies appoint a data controller to ensure compliance with the DPA
Essentially…
Data privacy and security are critical concerns for businesses in Jamaica and around the world. With the introduction of the DPA and the growing threats to data privacy and protection, including the volatile nature of the digital landscape, it is important for companies to properly secure their assets in keeping with new regulations.
