We simplify the key privacy obligations under the Singapore Personal Data Protection Act (PDPA) for businesses and provide tips on helping businesses get started
Written by Ericz Ezekiel Tay
WHAT YOU NEED TO KNOW
Key obligations. In today's interconnected world, understanding privacy requirements and implementing them can seem daunting. To simplify this complicated topic, we summarise the key obligations into 2 main concepts below.
Why is it important for businesses. Ensuring privacy requirements under the PDPA brings several benefits, which can be summarised into 3 points below.
Protecting customer trust and reputation, increased business opportunities. Maintaining data privacy safeguards customer trust and confidence. Breaches can damage a business' reputation and lead to customer loss. Customers, particularly in the finance and healthcare sectors, are increasingly seeking partners who can demonstrate that they have processes that comply with privacy requirements.
Mitigating financial risks, penalties and operational disruptions. Ensuring compliance avoids severe legal repercussions such as fines up to 10% of annual turnover or $1 million (whichever is higher), imprisonment of up to 3 years and claims from customers for breach of contract or individuals for losses suffered.
Increasing employee loyalty. Employees are increasingly drawn to businesses that prioritise responsible practices. Knowing the business respects the collection and handling of personal information from individuals, customers and communities may boost employee motivation in the work they do.
ACTION REQUIRED
We offer some tips on some basic steps to examine and enhance the privacy arrangements in your business.
Our Privacy team helps businesses with the review and improvement of their privacy arrangements. As always, our philosophy is to keep things simple and focus on what matters most.
Get in touch with Ericz to learn more. We are here to partner with you, offering an unbiased perspective and exploring practical alternatives.