Modern business operations today are made more difficult by data privacy requirements and laws due to the stringent use and management of personal data regulations. The adoption of rigorous data privacy regulations reflects the present scenario, leading to heightened reactions among various institutions.
The growing cyberattacks targeting sensitive data have also drawn organizations attention to improve data security and compliance. As a result, organizations must be diligent in their handling of sensitive data and ensure that they are in compliance with all applicable laws and regulations. A data privacy program in place and appropriate technological measures can protect both businesses and their customers, influencing business performance.
Without proper detection and remediation technologies, companies may also spend more time and money on responding to threats and recovering from a data breach (IBM and Ponemon institute, 2022) 1.Compliance with data protection laws like the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPPA) and the Payment Card Industry Data Security Standard (PCI DSS) is at the heart of data privacy, a subset of data protection. Data privacy assures the proper handling and security of sensitive data inside an organization as it centers around these three key questions:
Inadequate data privacy measures may lead to non-compliance and data breach incidents, exposing organizations to the following consequences:
Non-compliance with data privacy laws in more and more jurisdictions will also restrict an organization's potential customer base. A data privacy program can thus help organizations fulfill their legal responsibility to operate lawfully in all jurisdictions, protect their sensitive data and reputation, which enable them to grow their business and gain benefits from their data usage and compliance.
A data privacy program, however, may need the coordinated efforts of several teams across an organization to complete a number of specific objectives. Manual procedures in this program are also inefficient and prone to mistakes, putting businesses at risk of failing to meet regulatory requirements. Organizations should thus embrace more advanced and automated privacy management solutions to facilitate the workflows of their data privacy programs.
According to Gartner, "privacy management" refers to either a framework or a technology that helps businesses evaluate their data processing operations for compliance with data privacy laws. With the use of data privacy management, organizations can leverage a comprehensive approach that includes both technical solutions and organizational policies to streamline the process of handling sensitive data and prevent data breaches.
Here are the key tasks of data privacy management to aid in regulatory compliance and data security:
Managing data efficiently in a day of constantly shifting regulations and widespread dispersion of more sensitive information necessitates modern data privacy management tools as they can automatically collect, identify, and control access to data stored in several locations. Data privacy management tools can help businesses conduct privacy impact assessments, verify processing operations against requirements from privacy legislation, and keep tabs on events that result in unlawful disclosures of personal data (investigating, correcting, and reporting).
Data privacy management tools can also facilitate mechanisms for cross-departmental collaboration on customer or DSR/DSAR requests for data access, modification, or deletion from sources like IT departments. Organizations can leverage data privacy management solutions to automate tedious operations, increase efficiency and transparency, and make use of their reporting capabilities for compliance.
Businesses cannot afford the disastrous consequences of a data breach and non-compliance. Between numerous data privacy laws and the growing complexity and volume of their data resources, organizations need to implement effective data privacy management solutions to enable them to comply with various data privacy laws, improve data security, or even save more time for business-critical tasks.
Compliance with various laws and standards necessitates the use of a data privacy management software solution to ensure the proper handling of sensitive data collected by an organization. Organizations should consider the following elements when investing in such solutions that successfully resolve data privacy issues while driving business values:
The solution should
Organizations need a robust data privacy program to achieve compliance, strengthen security, and prevent data breaches that can drive success in the long run. Deploying data privacy management solutions can help businesses ease the strain of handling sensitive data across their systems. Organizations should consider the effective functions of data privacy management solutions that can align with their needs and help them stay ahead of privacy risks.
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