Question

why is data privacy important

Answer 1

Data is recognized as an importantcorporate asset that needs to be safeguarded. Loss of information can lead to direct financial losses, such as lost sales, fines, or monetary judgments. ... Other laws are designed to ensure the privacy of the information contained in documents, files, and databases.

Answer 2

The single most important reason to implement data protection strategies is fear of financial loss. Data is recognized as an important corporate asset that needs to be safeguarded. Loss of information can lead to direct financial losses, such as lost sales, fines, or monetary judgments. It can also cause indirect losses from the effects of a drop in investor confidence or customers fleeing to competitors. Worse yet, stolen or altered data can result in financial effects that are not known to the company until much later. At that point, less can be done about it, magnifying the negative results.