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International Data Protection Day

January, 28 2023

As most of us know, the digitization of the global economy has made data an incredibly valuable asset. But this new reality also means that organizations need to be very responsible and careful with personal data. The World Bank recently hosted its fourth annual Data Privacy event. This event was held just ahead of Data Privacy Day, which is an annual effort to raise awareness about the importance of respecting privacy, keeping data secure, and enabling trust.

We want to help people and organizations understand the legal, business, and reputational risks of handling and mishandling data. We also want to help organizations understand the opportunities that come with building a sound approach to data privacy. Now more than ever, it's important for organizations to better understand the changing legal, regulatory, and technical landscape of data privacy. And in the coming weeks and months, we'll be sharing insights on how privacy can benefit your organization.

In addition to the broad goals of recent privacy efforts by many private actors, government agencies, and regulatory bodies around the world, we also believe we can play a role in advancing the common good around the world. We know that managing the personal information entrusted to us by colleagues, customers, partners, governments, project teams, and organizations responsibly is critical to achieving this goal.

And while Data Privacy Day is increasingly a global observation, we should emphasize that data privacy is a critical element of any business in today's digital age. Closer to home, it's important to note that the time to simply take notice is over, and the time to act is upon us. Organizations need to understand their compliance obligations under the provisions of legislation affected by the Quebec government's recently enacted Bill 25 in order to avoid costly fines or penalties. Among the many new requirements and obligations that this legislation imposes on organizations, concrete measures need to be taken to ensure data privacy and security. Training employees on the importance of data security and having a clear privacy policy that everyone understands is also necessary. Several provisions are already in effect, and additional ones will be phased in starting in September 2023 and September 2024. Compliance with these regulations is essential for any organization and is likely to require significant planning, which is why organizations need to take the necessary steps immediately to ensure they understand the compliance deadlines and have plans in place to meet them.

Data Privacy Day is this Saturday, January 28. We think this is a great opportunity for our community to explore how everyone, including organizations, can better understand the importance of privacy.

We're looking forward to sharing insights both on global trends, as well as new legal and compliance requirements closer to home, in the coming weeks and months.

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