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Good data handling is very much a topical issue now and regular data protection audits are "badges of good governance", according to law firm Denton Wilde Sapte.
The regulatory environment is also changing - the Information Commissioner received strengthened powers to enforce data protection laws and the FSA is taking greater against security breaches.
The issue of data protection has come to the fore following the loss of computer disks containing confidential details of 25 million child benefit recipients by HM Revenue and Customs.
Records of almost half of the UK population - including names, addresses, dates of birth and bank accounts - went missing and have fuelled fears that it could fall into the wrong hands.
In order for company directors to protect their firms data, it is "critical" that, as part of day-to-day audits and compliance functions, an emergency plan is put in place, Denton Wilde Sapte advised.
Martin Fanning, a data protection specialist at Denton Wilde Sapte, said: "Regular data protection audits are badges of good governance.
"By including these review mechanisms within existing audit functions, organisations can optimise their use of these forward-looking risk management tools."
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