Key Takeaways from Data Privacy Week 2023

Data privacy

Last year we hosted a podcast with Ivan Spiteri, Director Technology Advisory and Assurance and Data Protection Officer (DPO) at BDO Malta. We highlighted the importance of Data Privacy and GDPR compliance for EU trading businesses. If you missed it, you can listen to the podcast here.

The World Economic Forum released its State of the Connected World 2023 report a few weeks ago stating, “unchecked cyber attacks are a growing threat to the fragile global economy”. Thus raising questions regarding the increased need for data protection in 2023.

What is data privacy?
Data privacy, also known as information privacy, is one of the areas of data protection that refers to the handling of sensitive data. Sensitive data includes – personal and confidential information such as financial and intellectual property data. By protecting this data organisations can meet regulatory requirements and protect the confidentiality and immutability of the data.

Since the EU implemented the General Data Protection Regulations (GDPR) in 2018, there has been a significant number of businesses abiding with regulations and trying to understand how they can better protect EU citizens personal data – this includes how it is used, stored, transferred and processed.
Why it's important
It’s important to safeguard your data to avoid it getting in the wrong hands. It’s as simple as that. As a business owner, you need to ensure that your customers’ data is protected to the best of your ability. Businesses that trade in the EU that do not comply with the data protection law will receive hefty fines and penalties.

Here are some of our key learnings from Data Privacy Week 2023.
data privacy week
Read more: Data privacy and compliance – Navigating the maze

At Truevo our customers are our top priority. We comply with PCI DSS standards. These are the highest data protection regulations worldwide. We also work with SCA-compliant  solutions via 3D Secure protocols which are fully integrated into all our products.

So if you’re looking for a payment partner who puts safety first, look no further. We are here.

*Check out our privacy policy for more information.
Saskia Schuldig
Saskia Schuldig
Content Marketer at Truevo Payments
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Disclaimer: This content has been written for informational purposes only. It should not be construed as legal or business advice.

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