In: Accounting
What effect might restrictions imposed by the European Community have on global companies? Regarding Data Protection.
Just recently, major concerns have been raised about how companies manage their databases that contain huge amounts of personal information belonging to customers, employees just to mention but a few. Consequently, the European Community see these concerns not just a major outcry to the imposition of strict measures regarding privacy and security but also for the better management and use of information, both nationally and globally.
These restrictions wright way affect global companies, since they are forced to develop systems that offer security to information and setting up of processes that mitigate threat to privacy of all the vast information they obtain from their customers and employees. These restrictions set by the EU community are ideally technical procedures intended to protect information systems against any kind of breach: modification or destruction and offer protection to systems and databases in use by most companies. The main framework being a reliance on company integrity: that is making sure information collected is authentic and used in the proper means.
In your opinion, should these types of restrictions be made into law?
Certainly. It is imperative that the European community’s recommendations on information management be enacted into law, because these laws will ensure that the right information is available to legitimate users and the information stored is protected and secure. Today, it is obvious that information security and ease of access are issues that run parallel to one another. Ease of access to databases can compromise the formers’ security while strong security measures can lower data breach. Hence, it would be of great concern for the type of restrictions the European Community is trying to formulate to be made into law, for the realization of how important information security and privacy is.
Should the United States bring its laws into agreement with the EU directive?
A recent survey indicated that at most 50% of professional do not consider information security important. In the wake of cyber security cases where companies have had to deal with loss of huge amount of data to unknown hackers, allegations facing Russian observers wire-tapping president elect Donald Trump in the recently concluded American elections could just be America’s storm in a tea cup, an indication that there is much to information management issues than meets the eye. The American people need assurance that their sensitive data is we protected and used in the right manner. Information sharing is becoming a major concern to data privacy and security. Tus United State should bring its lawsinto agreement with the EU directive, paving way for the creation of clear structures on how to incorporate privacy measures to databases, and how to identify major threats and setting up of mitigation processes.