Importance of Data Protection in Singapore: Rules and Implications
The importance of data protection cannot be stressed enough. It is crucial that all businesses understand why protecting your data matters and the impact it could have if you don’t take it seriously.
A Personal Data Breach and How It Happens
A personal data breach could spell disaster for a company. A data breach happens when something exposes personal data, whether it’s yours, your employees, or worse, your clients. This is a very big deal because that data was supposed to be in your company’s secure and private possession.
The data can then be collected, used, unauthorised access, copied, modified, lost, or disposed of. Data breaches may not be intentional or criminal in nature, but there are several ways it could happen. Some of those ways include human error or computer system error.
Regardless of how it happened, a data breach is a breach of trust and security for the affected individual. It could also have serious ramifications for the organisation in terms of employee and consumer trust. This only further emphasises the importance of data protection.
The PDPA Bill
The Ministry of Communications and Information and the Personal Data Protection Commission of Singapore launched an online consultation of the Personal Data Protection (Amendment) (PDPA) Bill 2020 as part of their ongoing efforts to protect both individuals and corporations from data theft.
When it comes to data breaches within any given organisation, the PDPA is the Singapore Government’s main shift towards transparency. The PDPA’s central focus is mandatory data breach reporting, which will result in a fundamental paradigm shift in how every organisation in Singapore operates in terms of data protection and security.
The Data Security Matters
Every business should take data protection seriously. Regulations on data protection are required to ensure fair, consumer-friendly trade and service provision. To ensure the security of personal data, it is critical to identify and document what data is processed, why it is processed, and for what purposes the data will be used.
By complying with the PDPA, the process of collecting personal data is transparent. The customer will understand the purpose of the data collection and be assured that the personal information collected will only be used for this purpose.
Implementing the PDPA increases trust and confidence between your customers and your company. A customer feels secure knowing that they are dealing with a company that values personal data and ensures that it is collected and managed in full PDPA compliance with the law.
Working With 3E Accounting to Keep Your Data Safe
Our team of data and compliance experts always work hard to stay on top of these developments. They are eager to share their knowledge with you to help your business operate responsibly and safely.
Ask about our compliance strategies when you sign up for our Incorporation Services Singapore package.
