The Information Commissioner has told organisations to put a financial value on personal information and is offering help on how to do it.
Christopher Graham, will use the Data Protection Officer Conference in Manchester today to launch the new initiative.
“No organisation can neglect to protect people’s privacy. Not only is it the law, but there is also a hard headed business imperative. This report provides organisations with the tools to produce a financial business case for data protection ensuring privacy protection is hardwired into organisational culture and governance,” Graham will tell tell delegates.
The advice comes ahead of new regulations that from next month will allow the ICO to levy fines of up to £50,000 on businesses that break data protection laws.
The Privacy Dividend document includes:
- Guidance on the steps involved in a privacy protection scheme to assess the costs and benefits
- Guidance on creating business cases for implementing a new system or changing an existing system
- Calculation sheets to assess the value of personal information and put figures to the business case.
The Privacy Dividend Report can be downloaded at here.