At Southwood Financial Planning, we take the protection of personal information very seriously and are aligning all our business practices to ensure strict compliance.
In 2013, the Protection of Personal Information Act (POPI) was passed in South Africa. In essence, POPI applies conditions for the lawful processing of personal data of both South African citizens and those living in South Africa.
The right to privacy is outlined in Section 14 of South Africa’s Constitution and it is a vital human right! This section states that everyone has the right to privacy and this includes the right not to have the privacy of our communications infringed upon.
As we live in the digital age, the privacy and protection of our personal information has become a growing concern. This has prompted countries the world over to set laws to ensure the safety and privacy of their citizens online. South Africa is no different, and for this reason, the Protection of Personal Information (POPI) Act comes into full effect from the 1st of July 2021.
So why should POPI matter to you?
Because your personal information is your most valuable asset! Data is one of the most valuable currencies out there. Protecting your personal information should be a high priority so that it never lands in the wrong hands.
Why POPI matters to your business and the businesses in which you are a client or consumer?
1. Build trust
Compliance will increase transparency which in turn will build trust.
2. Build reputation
Guaranteeing that no outside party can access or intercept the information they store can help to build a business’s reputation. In order to do this, the business needs a secure database with information encrypted on their servers and it needs to be regularly reviewed.
Any breach of privacy will result in a loss of trust and consequently hurt the reputation of the business.
3. Non-compliance will restrict a business’s ability to transact with other companies in the information economy
Internationally, personal information cannot be exchanged with companies that do not comply with strict data protection laws.
The POPI Act provides peace of mind that data management is finally being regulated and that there will be serious repercussions for the mismanagement of personal information.
Southwood Financial Planning is committed to protecting the privacy of personal data that we hold and maintain about our clients, business partners, staff and other individuals. As such we would like to inform you that we currently hold your details securely in our CRM (Customer Relationship Management) database.
Over the course of the next few weeks, we will be in contact with you to ensure that we have your permission to store your very valuable personal information, and to re-affirm your agreement to continue to receive newsletters and other industry and event information from us. Your understanding and support in confirming this with us will be greatly appreciated. We continue to have all our stakeholders, particularly our clients’, best interests at heart at all times.