Data Privacy

Data Privacy (Definition)

Data privacy is the aspect of information technology that deals with the ability an organization has to determine what data in a computer system can be shared with third parties.

Key aspects of data privacy include:

1. Crucial for protecting sensitive financial and personal information
2. Involves implementing security measures to prevent unauthorized access to data
3. Requires compliance with data protection regulations such as GDPR, CCPA, etc.
4. Includes defining and enforcing data access policies within the organization
5. Involves secure data handling practices in all stages - collection, processing, storage, and disposal
6. May require data encryption for sensitive financial information
7. Includes educating employees about data privacy best practices and responsibilities

Maintaining strong data privacy practices is essential for protecting client trust and complying with legal requirements in accounting and financial services.