The General Data Protection Law, better known by the acronym LGPD, is a law whose main objective is the privacy of citizens’ data.
By providing clear and safe practices, it provides fundamental rights for those who provide data to a company or organization, being a mechanism that will provide more transparency and standardization in the use of each person’s private data, such as name, CPF, address and e-mail. .
Companies like IBM, the market leader in adapting solutions to this law, already offer tools to assist in this transition.
Why seek the adequacy
According to a survey by Gartner, 80% of all companies in the world are subject to at least one data protection regulation by 2023. Also according to this study, the biggest concern of organizations is related to fines for lack of adequacy, to loss of customers and damage to reputation.
Another concern is the “cost” of adequacy. Some companies think it is expensive to adapt to this new law, but the survey found that organizations that adhere to customers’ best privacy practices will earn 10% more revenue than competitors who do not.
Therefore, the reasons for adapting to the LGPD need not be restricted to the losses of not doing so. There are important advantages for those seeking to adapt to the law, such as financial, operational and business benefits for those who invest in users’ privacy.
Adequacy in practice
When talking about LGPD, many may be confused without understanding exactly how this fit works in practice. To better understand how this process happens, it is necessary to recover the main objective of the law: to reinforce the protection of users’ privacy. Therefore, all practical efforts to adapt to the LGPD must meet this objective.
It is important to emphasize that there is no single path to adaptation, as it is a journey that involves technology, processes and people – with not only legal involvement by organizations, but also key areas such as IT, marketing and HR.