In this new digital age, technology has become the most common yet valuable commodity for many. Many businesses have used data through technology to drive growth and innovation. But as the digital landscape expands, the value of protecting said data has become significant as data privacy laws are implemented to protect consumer data. But tackling such a problem can be a complex operation that requires creating and maintaining the balance between monetary goals and consumer trust, as the Australian government has found out.
Data privacy laws in down under
Introduced in 1988, the Privacy Act 1988 is the basis of Australia’s data privacy and the Australian Privacy Principles (APPs). The Australian Privacy Principles (APPs) are guidelines for how businesses handle private data. Said principles cover collection, utilisation, data quality and security protocols.
A problem arises as the complexities of said law pose hurdles for businesses that seek to monetise data. For example, APPs require companies to receive consent before collecting sensitive data; such data may be a person’s health, racial or ethnic origin, political opinions, or sexual orientation. Such requirement further limits the number of data businesses can gather and use.
Additionally, the privacy act implements strict penalties for failing to comply with APPs. These further add to how vital compliance is and the potential risk for business failure due to inadequate consumer data protection.
Data monetization
Despite difficulties, businesses can still monetise data while maintaining consumer trust through transparency, robust data security measures, and anonymising or de-identifying personal information.
Businesses can build trust with consumers through transparency in communicating how private data collection, utilisation, and protection is done. Implementing more robust data protection measures indicates that the company handles private data responsibly. Lastly, keeping personal information anonymous minimises risks and comply with APPs but still allows businesses to gain from said data.
In conclusion, to protect data privacy in the ever-growing digital landscape, the Australian government has implemented the Australian Privacy Principles (APPs), which are based on the Privacy Act of 1988. These are guidelines on handling each Australian citizen’s private data. Although, it is difficult for businesses to adapt to said protocols. It is vital in order to prevent exposure to financial risk and other liabilities through the adaptation of transparency, more robust data protection measures, and keeping data as anonymous as possible. This set of adaptations sets the balance between balancing monetisation and consumer trust.
Know more about Australia’s latest data trends, strategies and emerging technologies by registering for the upcoming Annual Aus Government Data Summit.