Pandora Security Labs Blog DATA PRIVACY ACT OF 2012: How Can It Impact Your Business?

WHAT IS THE PHILIPPINE DATA PRIVACY ACT OF 2012The Republic Act 10173 (a.k.a The Data Privacy Act of 2012) is a law enacted on August 2012. Its aim is to protect the privacy of an individual's personal information in the information communication technology systems in the government and private companies. Its goal is to produce confidence in the IT-BPO industries to attract foreign investors. With the creation and implementation of this law, the Philippines' profile in the data privacy aspect is raised putting us in the level of other foreign countries. The law follows the European Parliament and Council's Directive 95/46/EC and the Asia Pacific Economic Cooperation's (APEC) Information Privacy Framework standard.BUSINESS IMPACTPeople today are anxious with regards to their data privacy and it is important for businesses to take note of this issue. The following are the impacts of the law to different businesses?CUSTOMER TRUSTCompliance to the law assures clients that their personal information is being secured and protected. This leads to confidence and trust of the customers in the businesses they are investing or patronizing which draws more customers to the businesses; more customers will signify more earnings and so on and so forth.INTERNATIONAL STANDARD COMPLIANCEAs mentioned above, the Data Privacy Act of 2012 was patterned after an international standard. Although the policies and requirements for data privacy for companies is stricter with the law enacted, nevertheless, it will make it easier for compliance with international standards. This will also increase the credibility of the companies which also leads to customer trust.INCREASE IN IT-BPO INDUSTRY REVENUEOne of the reasons why the economy of the country is growing significantly is because of the great number of BPO companies. This is one of the main purposes of the act, to help gain the confidence of other foreign investors who are still anxious of investing due to the lenient data privacy policies of the country. With the creation of the Act, the expectation is the increase of foreign investors leading to the escalation of the IT-BPO industry revenue.CONCLUSIONAlthough the Data Privacy Act is not being enforced due to the inability of the government to establish a National Privacy Commission (NPC) which will create and carry out the Implementing Rules and Regulations (IRR), it is still recommended for companies to comply with the Data Privacy Act of 2012. Check our previous blog to know more about the steps in complying with the Act. The post DATA PRIVACY ACT OF 2012: How Can It Impact Your Business? appeared first on Pandora Security Labs - Security-as-a-Service.