But assuring privacy anywhere is no longer a simple matter. Years of technological advancement have steadily diminished our zones of personal space. It is now possible to know virtually everything about someone. From human resource systems management to marketing and tracking customer data, managing privacy risk has become a critical aspect of business practice. Failure to respond effectively to privacy issues and risks can result in adverse consequences that range from outright market rejection, to regulatory enforcement action, to loss of data flow, or to costly litigation.
Privacy issues drive or drag the information economy.
Without privacy protections there will be no consumer confidence in e-business. A systematic approach to privacy risk management should be adopted by your entity to assist the e-business efforts in realizing the full benefits of online commerce. There are three major steps that must be undertaken. First, develop a privacy policy. Policies should govern personal data gathered from an individual online, via mail-in forms or faxes, or over the telephone.