The costs of not protecting personal data

WHAT is your personal data worth? How many of us stop to think about this question before we hand over our names, NRIC numbers, phone numbers and addresses just for a lucky draw? Do we think twice about why others even need to know our NRIC numbers?

The Personal Data Protection Act 2012 (PDPA) has been in force for nearly three years now, yet, many organisations still do not seem to be aware of the grave risks of collecting too much personal data, or of not protecting personal data in an adequate manner. Individuals too, seem oblivious to the evils of others holding too much information about them.

The truth of the matter is that without strong personal data protection practices, organisations, big and small, will incur even greater costs and losses. Organisations should view practising good personal data protection as part of good organisational processes and essential costs that need to be incurred in much the same way that costs are incurred in protecting other assets belonging to the organisations.