Data privacy deals with how sensitive and confidential data should be collected, stored, shared, and used with any third parties in compliance with privacy laws. Sensitive information handled by organizations often plays a vital role in business decisions, operations, and finances. Data privacy policies enable users to control who has access to their data and how much of the data is shared. Businesses must be transparent about managing consumer data and ensure regulatory compliance to build trust with customers. Adhering to data privacy laws like GDPR, HIPAA, CCPA, SOX, APPI, DCIA, and PDP helps businesses avoid legal consequences and keep consumer data secure. According to Gartner, the average yearly expenditure for privacy in major enterprises will approach $2.5 million by 2024.
