Privacy isn’t about something to hide. Privacy is about something to protect- Edward Snowden
We are living in a digital era wherever everyone seems to be connected to everybody through internet. And technical giants are encashing this truth by victimisation our personal data. Personal data are often employed in some ways like Targeted advertising, personal manipulation, persuasion, machine-controlled decision-making, personalization, and data-driven behavioural change. Therefore, there arise requirements for data privacy. Data privacy could be a hot topic currently. When you use internet each website you visit, each link you click, and each keyword you search are often tracked by these big firms for understanding your on-line behaviour for better or could also be worse. So as to resolve this downside there’s a privacy policy came into image to make sure the user however their personal data is dealt.
Let’s take a glance at privacy policy
A privacy policy is a legal statement that informs how a party collects, uses, discloses, and manages a customer’s data otherwise you will say Personal info. It’s a legal demand to shield a user’s privacy. Personal data means something like person’s name, address, and date of birth, marital status, contact info, financials, credit and medical history. In case of business, It informs the users what specific data is collected, and whether or not it’s unbroken confidential, shared with partners, or sold-out to different companies or enterprises.
The contents of a particular privacy policy can depend on the applicable law, geographical boundaries and legal jurisdictions.
Major countries have their own guidelines for policies. At this time in blog, we are only focusing on European Union (EU). In general, data protection laws in Europe hood the public sector as well as non-public sector.
Few benefits of privacy policy
- Trust:
If user sees privacy policy at website or mobile app, it helps them trust you easily.
- Third Party Concern:
Companies like Google has requirement that websites should display privacy policy as you are using third party services like google adsense or analytics.
- Prevent from penalties:
By following privacy policies laws, you can protect yourself from potential lawsuits,
Concern regarding data privacy in European Union
Right to privacy is an extremely developed space of law in Europe. In 1995, The European Union takes up the Data Protection Directive that regulates the process of private data among the EU. These standards should not meet only by business operations in EU but also followed by an organization that transfers personal information regarding the citizens of EU. On May 25, 2018, the updated version of Data Protection Directive came with a name ‘General Data Protection Regulation (GDPR)’.
The main area of interest for GDPR is protection of personal information and digital privacy
This law requires clear picture of why the companies collect the data and consent to share it. This law, in short protects the EU’s citizens. Any company or entity in the world who are dealing with EU citizens need to comply.
GDPR applies to any business that does the following:
Offers products and services to the EU citizens.
Gather personal information from EU citizens.
Examples of GDPR compliant privacy policies
The Mouse flow privacy policy:
Impact of BCBS 239
It continues on with a clause that covers how the information is used
Here Muse flow broken down shared information in two ways:
Personally identifiable information.
Non-personally identifiable information
This bifurcation is important as GDPR and other privacy laws apply to personally identifiable information. This is good for legal compliance as well as clarity for users.
Stage 3- Integration: is taking this laundered money and using that money to buy expensive things like property, boats, cars, watch etc. Examples are:
Investing in luxury goods
Buying commercial property
The estimated amount of money laundered globally in one year is 2 – 5% of global GDP, or $800 billion – $2 trillion in current US dollars
Changes Ahead
The immediate effect coming in terms of services in near future, where companies will be seeking permission to collect personal data of users. In clear terms it means a lot more ‘click to proceed’ boxes which leads to the text inside may be little clearer. The most necessary, the GDPR conjointly sets rules for firms who share data once it’s been collected and for it they have to analyse their analytical approach as well advertising.
