Privacy policies: Ethics still a part of businesses?

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Privacy policies: Ethics still a part of businesses?

Dr. Vikram Kumar

@VikramKumar

July 27, 2021

Cyber Security & Privacy

116

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With an increasing number of businesses shifting their operations to an online platform in the digital era, privacy policies across these websites have become a fairly popular topic of discussion. The rise in the number of websites has led to an escalated need of privacy policy regulations with millions of people sharing their personal information online, either knowingly or unknowingly.

Understanding Privacy Policy

A Privacy Policy is a legal document listed on the business website that states how they intend to use, store and protect the personal information provided by the users, customers, or employees. Though Privacy laws differ from country to country, privacy is a fundamental right defined and mandated by the legislature across the globe.

The exact components of what constitutes personal information may differ according to legislation, however, some of the common examples include name; date of birth; addresses (postal and email); payment details (credit card numbers) and location (IP address, geolocalisation).

To shield a user’s critical information, privacy policies also state if websites use cookies and share or sell data to third-party apps such as Google AdWords or Google Analytics along with the reason to do so. They also need to confirm the legal obligations they must abide by if they fail to deliver the stated responsibilities.

Privacy Policies and Business Ethics

The interlinked importance of privacy, trust, and security form the basis of many laws and ethics today. Information now holds a strong power and brands are becoming increasingly aware of their ethical responsibilities in order to ensure business success - by maintaining its reputation and trust amongst its stakeholders.

The implementation of strong security measures guarantees the prevention of data breaches. Establishment of privacy laws and regulations forces businesses to handle confidential information responsibly. This saves them from causing any possible harm to the users and, thus, staying out of any legal implications for both the user and the business.

New laws have deemed companies to be fully accountable for any lapses in data protection and the formation of privacy policies that cover both online and offline activities also promote the image of a more safe work environment. This increase in corporate responsibility allows businesses to build on brand reputation and integrity. Further, it has also given rise to new innovations in technologies and services to create systems that provide ultimate protection to the collected data.

Privacy Policies and User Trust

While strategic advertising and marketing techniques can grow your consumer base, it is often understood that the best way to ensure your business longevity is through building a robust customer relationship and establishing trust.

With an open access to information, millions of people across the globe are beginning to understand the importance of protecting their personal information. This rise in privacy and security awareness makes the Privacy Policy a great visual representation by way of a Trust-Seal between a visitor, customer or a potential investor and the brand.

Thus, a clear, concise, transparent and up-to-date Privacy Policy would automatically increase the value of a business, making the users want to visit the website more often. By letting them know that their privacy is ensured, their personal data is being protected, a business further creates a secure environment for operation thereby increasing the possibility of more revenue.

Securing our digital future

With the advent of new technology, the need to create a balance between innovation and privacy is of utmost priority at the moment. While the Privacy Policy page may not be the most interesting or attractive reads, it is imperative for all online businesses to have and abide by.

With more data privacy legislation being passed every year, people are growing increasingly aware of the impact of their data. They want to know what you are collecting, why and the possible usage. Hence, in order to secure the narrative of our digital future, it is crucial to be compliant with the law of the land and most importantly, protect the data we collect.

#privacypolicies #digitalera #ethics #trust #security

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Dr. Vikram Kumar

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