The rapidly increasing privacy regulations and the implications associated with these regulations have become the top emerging risks globally. Major fines and reputational damage, the evolving landscape of privacy regulation has placed organizations over the edge.
The General Data Privacy Regulation implemented by EU on May’ 2018, explains why taking regulatory measures have become mandatory for the organizations. With businesses connected to each other globally, the sharing and processing of data have increased rapidly. Recent history of data breaches in some of the major organizations and the fine being imposed on them have made the organizations to secure the client data as their top priority. The organizations have started to realize that, with the implementation of GDPR, the regulations have become more complex and the fine being imposed is very hefty. This would increase the overall budget of the organization that needs to be allocated towards the potential threats and opportunities arising from privacy regulations. The pace at which the businesses are evolving and with CCPA (California Consumer Privacy Act) and other privacy regulations being recently enacted in Australia and Japan, organizations need to take extra measures to address the regulation guidelines, hire data protection officer, implementing privacy impact assessment and identifying data transfer across the globe.
Protecting customer data is the top priority for organizations. The organizations must be able to access, understand and classify the information they have to protect the data. There is a very thin line which organizations need to understand and draw regarding what data is to be protected and whatnot, being on either side of the line can impose heavy implications and also result in reputational damage of the organization.
Businesses must be able to respond quickly and take necessary actions for protecting the data by notifying the customers and the regulatory bodies in case of a data breach. The organizations must provide additional information to the regulatory bodies in a short period of time if required. With the technological advancements, there are many potential solutions which are both quick and cost-efficient, but the organizations must carefully evaluate these solutions to become regulatory compliant. Having a holistic framework, like ConfidentG, help organizations to develop a strategy well integrated with data analytics to have informed decision making, stay compliant with the regulations and protect sensitive corporate data.
Implementing such a strategy help organizations to answer the following questions:
- What information will fall under the regulation?
- How to manage the huge amount of data available with the organization?
- What are the policies and strategic decisions to be taken to manage and protect the data?
- How to neutralize the impact of a data breach?
- How to ensure that the sensitive corporate data is protected, stored and backed up properly?
To summarize, find out a technology partner that understands privacy regulation, can offer flexibility and then work together to come up with a solution that is best fitted with the organizational long term needs. With heavy penalties for those companies who fail to abide by the Regulations, GDPR is set to reshape the manner in which organizations handle Data Privacy. It aims to sync all privacy laws to protect and empower Data Security by imposing stricter rules.
On the whole, ConfidentG Agile GDPR Compliance Management application is an advanced solution that continuously monitors and reports on all activities in order to help you meet the stringent requirements of GDPR and other privacy regulations. A global solution is designed to help you address all of your Governance, Risk and Compliance challenges with ease and speed.
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