Data Privacy: Why it Matters to You and Your Business

Did you know the global average cost of a data breach in 2023 was $4.45 million, according to the annual IBM Cost of a Data Breach Report? International Data Privacy Day, recognized annually on January 28, seeks to raise awareness about the importance of privacy, highlight ways to protect personal information, and reminds individuals and organizations about the importance of data privacy. It is critical for businesses to be transparent about the data they collect and create a culture of privacy within their organization.

Here at TriNet, we work daily to ensure that any data entrusted to us is properly safeguarded. In doing so, we seek to promote best practices for how our Colleagues can work together to support our data privacy objectives. SMBs should ensure they follow best practices, such as:

• Being transparent about how you collect, use and share personal information. One of the best ways to establish trust in data privacy practices is to be open about how you handle personal information. You should explain what information you collect and why, how you use it, and how you share in your privacy policy. Please view our Privacy Policy that illustrates how we collect, share and use personal information.

• Personal information is valuable, you should protect it as such. The data entrusted to you not only carries with it a monetary value, but also a reputational value that is directly impacted by how you handle the data. Knowing this, TriNet has established comprehensive information security measures, policies and standards that serve to protect the data of our customers.

In addition, on this Data Privacy Day, we recommend you evaluate your own personal privacy. Below are some of the many steps you can take to ensure you protect yourself:

• Never provide personal information over the phone, email, or text.
• Avoid the use of unsecured WiFi whenever possible and consider installing a virtual private network (VPN).
• Keep your software up to date on all computers and mobile devices.
• Always use strong password phrases unique to each account.
• When you get any new device, set your privacy settings immediately.
• Do not take online quizzes that ask random questions about your childhood, children, tattoos, marriages, pets, and favorite foods.
• Change passwords regularly, especially when your accounts may have been compromised.
• Never click on links in emails from an unknown sender.

With the increase in remote work and virtual offices over the last few years, data privacy has become even more important. Remember to regularly evaluate your online habits and make privacy a priority to protect yourself, your company and your employees—don’t become a statistic.

© 2024 TriNet Group, Inc. All rights reserved. This communication is for informational purposes only, is not legal, tax, medical, or accounting advice, and is not an offer to sell, buy or procure insurance. TriNet is the single-employer sponsor of all its benefit plans, which does not include voluntary benefits that are not ERISA-covered group health insurance plans and enrollment is voluntary. Official plan documents always control and TriNet reserves the right to amend the benefit plans or change the offerings and deadlines.  

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