Since it came into force in August 2021, the Brazilian General Data Protection Law (LGPD) has raised a wide range of concerns. Although it was approved in 2018, the three years that passed until its implementation were not enough for all doubts to be resolved. After all, the law represents an unprecedented change in the daily lives of companies that handle personal data and that now need to comply with current regulations.

Adhering to the LGPD entails costs for companies, without a doubt, as they have to comply with a series of unprecedented obligations, such as training employees on correct data protection, the need to invest in a digital security system and the presence of a Data Protection Officer (DPO), which we’ll cover later. However, these costs can be considered investments when evaluating losses from cyber attacks.

According to a report by IBM Securities, cyber attacks cost an average of US$ 1.35 million for companies in Brazil. This number can be even higher for small and medium-sized companies. Companies with up to 500 employees have lost $2.5 million or more, a devastating figure for sales that top $50 million a year.

Furthermore, the financial impact is felt in the long term. Also according to the survey, breach costs can extend beyond two years. Apart from that, the company still suffers from a worn image and loss of credibility in society, situations that are difficult to reverse. That cost is incalculable.

In this scenario, ensuring customers that their data is properly protected is an investment, in addition to a legal obligation. Sanctions are onerous in case of leaks. That old saying goes: prevention is better than cure.

The new legislation places Brazil in the list of countries with the best practices regarding the protection of personal data, requiring companies to implement technical and organizational measures to ensure that the processing is carried out safely. It’s an opportunity to offer customers an added advantage, after all, personal data is today a valuable asset.