ICO makes financial case for data protection

Privacy protection needs to be 'hardwired into organisational culture and governance'

The Information Commissioner's Office (ICO) has published a new report designed to encourage organisations to prioritise data protection best practice.

Launched at a Data Protection Officer conference in Manchester yesterday, the Privacy Dividend report (PDF) explains how to put a value on personal information and assess the benefits of protecting privacy.

The document includes practical tools designed to help organisations prepare a business case for investing in privacy and data protection, including calculation sheets to assess the value of personal information, and guidance on the steps involved in a privacy protection scheme.

"No organisation can neglect to protect people's privacy. Not only is it the law, but there is a hard-headed business imperative," said Information Commissioner Christopher Graham in a statement.

"This report provides organisations with the tools to produce a financial business case for data protection, ensuring that privacy protection is hardwired into organisational culture and governance."

Chris McIntosh, chief executive at encryption firm Stonewood Group, welcomed the report, but warned that many companies choose to ignore the dangers of data loss.

"There are already firm laws in place to protect data, as well as heavy financial penalties facing organisations found to be negligent," he said.

"Beyond this, the risks to security, reputation and the well-being of employees and customers that can be caused by a data loss have already been well documented, both by other reports and by all-too-common events in the real world.

"A report that shows organisations how to prepare a business case is a positive step in reinforcing the value of data, but more discussion is needed to convince organisations that, not only can this happen to them, it more than likely will."