Data privacy could be more important for your business than you realize. With growing awareness of the need for data privacy, identity protection, and information security in The Bahamas, customers demand that businesses do more to maintain it. Here are a few reasons to make data privacy a priority.

Building Customer Confidence

Customers and clients may not want to share private information with your company – or do business with you at all – if you do not protect the information in a meaningful way. You could establish a written privacy policy to notify everyone which personal information you request and how you keep it safe. Also, ensure that you have up-to-date software and hardware for computers, and set up appropriate security measures for physical documents.

Anyone Can Cause a Data Leak

Private information can get leaked to third parties very easily. It is as simple as an employee having his or her laptop stolen or inadvertently forwarding an email through a non-secure channel. You may want to develop training on data privacy practices for your industry and include a data privacy policy in your employee handbook. Employees poached by other companies in the industry could purposefully take private information with them when they leave, too. If this is a concern for you, consider having all employees sign confidentiality agreements when they begin working for you.

Understand Your Needs and Legal Obligations

No business can make their private information completely secure – it would simply cost too much money and be impractical to access. You can, however, evaluate which level of security will balance privacy, access, and cost effectively. Certain industries have established data privacy standards or guidelines that address specific information often used in the industry (such as medical records or bank account numbers). Investigate whether you have legal obligations to meet security standards as well. You may need a higher level of protection than you think.

Small Businesses Are Bigger Targets for Hackers

Because smaller businesses are less likely to have robust security measures in place, hackers may be more likely to target them. Data gained from small businesses, such as passwords or log-in information, might help people breach larger businesses as well. As a result, you should consider data privacy a priority whether your business is small or large.

To find out more about data privacy in The Bahamas, visit Gonsalves-Sabola Chambers online or call the office at +1 242 326 6400.

The hiring of an attorney is an important decision that should not be based solely upon the information contained in this website.  This website is designed for general information purposes only and the information provided should not be construed to be formal legal advice nor the formation of an attorney/client relationship.