As appointed Gatekeepers of Companies, we have a Fiduciary Duty to ask Management the Questions with regards to the management of risks especially in the areas of Data Privacy and Security. It affects all Companies whether Big or Small.
There are several reasons for spending money, time and effort on Data Privacy and Security. The primary one is minimizing Financial Loss, followed by compliance with regulatory requirements, maintaining high levels of productivity and meeting customer expectations. Another important business driver for data protection is the recent spate of Regulations. Government throughout the world have begun imposing new regulations on the electronic communications and stored data. Businesses face dire consequence for noncompliance. Finally, the Loss of Productivity because of data breach.