Data is an integral component of any business. It helps with regulatory compliance, operating efficiently and making informed business decisions; as well as helping the company grow and outcompete its peers. But when implementing a data strategy there are many things to keep in mind in order to achieve success with it – this article outlines best practices so your strategy succeeds!
As our world becomes ever more digitalized, protecting personal information becomes ever more vital. That is why the Hong Kong government has taken steps to enhance data protection laws for residents and organizations who control personal information in Hong Kong. These new laws offer increased privacy protection while applying equally across organizations that handle it within Hong Kong territory.
Hong Kong Data Protection Ordinance (PDPO) establishes data subject rights, controller obligations and six principles to govern collection, processing, holding and use of personal data. First introduced in 1996 and revised several times thereafter including most significantly in 2012 and 2021.
One of the key changes will be limiting access to personal data to only those with legitimate needs for it, such as law enforcement, health care providers, educators, news media organizations or businesses with legitimate business activities in mind. Individuals will also have a right to request information on how their data is being used by third parties as well as having recourse in case of data breaches and be subject to a mandatory code of practice for data controllers.
This new law is meant to promote innovation and economic growth by safeguarding personal data while encouraging sharing among businesses and consumers, and building trustworthy relationships between them and businesses. Furthermore, this initiative should further boost Hong Kong’s status as a leading data hub.
Data is an indispensable asset that’s integral to a company’s success in today’s digital economy, often providing significant revenue and competitive edge. Acquiring and using accurate data leads to improved decision making, increased productivity, increased revenues and profits as well as meeting customer needs and providing better services.
Data has become the lifeblood of today’s digital economy, driving its production. Just as automakers need financial capital for production of vehicles, software makers require data for autonomous features to function. Data’s significance has driven an irreversible change to computing as well as how we view business strategy.
To protect the security of your data, it’s crucial that you understand how the General Data Protection Regulation (GDPR) operates and what its ramifications for your business. This guide will help you navigate its complex legal environment and prepare your operations for potential impacts from GDPR regulations. Furthermore, this book offers best practices for building a robust data management infrastructure and creating successful data governance policies that protect businesses against possible penalties.