Recently Twitter was in the news for allegedly being the target of a hacker who demanded $200,000 to hand over the data of 400 million users, including some celebrities, and politicians. Though it turned out that the actual breach was only for 200 million users, Twitter was a target for such hackers very frequently in 2022.
Another social media company Meta was slapped with a $277 million fine by the Irish Data Protection Commission for a data breach which impacted at least 500 million users.
It can be much worse than a temporary scare when your data is breached. It can have a profound effect on your life. Individuals, companies, and governments can all suffer huge consequences from the exposure of sensitive information. Therefore, Data Privacy is critical in a world where data is growing at a faster pace than ever before— 90% of the world’s data was created in the last two years alone! In fact, the volume of data across the world doubles in size every two years.
Data Privacy or Information privacy is centered around how data should be collected, stored, managed, and shared with any third parties, as well as compliance with the applicable privacy laws in various jurisdictions (e.g., GDPR).
The terms Data Privacy and Data Protection are often used interchangeably but there is a key difference between them: Data Privacy is focused on who has legal access to data, while Data Protection provides the tools, policies, and frameworks to restrict access to the data.
Data Privacy Day is celebrated on January 28th each year and represents “an international effort to create awareness about the importance of respecting privacy, safeguarding data, and enabling trust.”