This post is part of a series of content sponsored by our partners EY, who have announced their new Startup Challenge.
In recent years information about our individual lives has been seeping onto the internet and therein, businesses globally as each time we log on to IT systems and access social media, information is created and businesses learn a little more about us.
It is now the norm, that we all have a little device in our pocket that tracks almost every aspect of our daily lives from our movements to our health.
As individuals we sign up to websites that intuitively learn what we want and when we want it, whilst social networks map not only our connections but also our opinions and views.
Concern about information
Whilst businesses readily see the applicability of this metamorphic growth in the gathering of data, many people are starting to ask why businesses require such unfettered levels of access to our personal information to deliver their products. In the majority, this information is well protected and is rarely used for any means other than that explicitly stated.
However it is no surprise that as the world becomes further digitised, consumers are becoming increasingly concerned about their personal information.
A prevalence of reported incidents has led to the debate around the “Right to be forgotten”. Consumers want to know what data a company holds on them, how that information is protected and most importantly, they want the right to control that information, by editing or deleting it.
Rightly or wrongly, these wishes are now being prescribed into law.
The EU General Data Protection Regulation is looming large over the global information landscape and consumers will soon have the right to have their information deleted at their own volition.
With the threat of significant fines for non-compliance (5% of global revenue capped at €100m), businesses are beginning to sit up and take note.
Businesses need to react to legislation
Businesses reliant on consumer data will be significantly impacted, as the information they hold sits across the business ecosystem, both within the organisation and also with their service providers.
The control and management of this personal information is fragmented resulting in many organisations finding it difficult, if not impossible, to comply with the forthcoming legislation.
As the legislation continues to move towards agreement in the chambers of power in Europe, an innovative technologically driven solution is relevant.
EY have established a collaborative Startup Challenge in Level 39 to identify potential solutions to these issues. The aim is simple; connect innovative and agile startups, with existing solutions, with big businesses that need solutions.
Businesses are waking up to the importance of personal information and startups are springing up to assist both organisations and individuals manage their personal information. So what can you do? Firstly, think about how you operate online and to whom your information is going. Be aware that your information is your personal asset, not given away freely without thought for the impact if accessed and used without authority.
In summary, demand more of the companies you work with, that they behave properly with the information and protect it as they would their own.
Mark leads EY’s corporate and information security & compliance management practice in EMEIA. He brings a wealth of experience from commercial and government security requirements to the delivery of holistic information security across the globe.