Volume: 9 Issue: 3
(March 2012)

Keywords:
business european financial crisis impact privacy governance widely accepted current economic climate forcing organisations continue operate increasingly restricted budgets

Jurisdictions:
Europe EU UK

Business: The European financial crisis and its impact on privacy governance

It is widely accepted that the current economic climate is forcing organisations to continue to operate on increasingly restricted budgets, leaving boardrooms with tough decisions on where to spend and where to cut. Whilst the focus is to invest in areas where they may see the greatest short-term return, such as marketing and product development, organisations may overlook gaps in compliance strategies at their peril. Daniel Harris and Rhiannon Jones of Deloitte, the business advisory firm, ask whether data protection compliance has become an unforeseen casualty of the EU financial crisis. They argue that as businesses face rising threats from e-crime and insider fraud, changing legislative requirements and dwindling consumer trust, now is arguably the right time to invest in robust privacy governance.

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