A global survey by SAS in 2017 revealed that just 45 percent of organizations had a structured plan in place for compliance and 58 percent acknowledged that their organizations were not fully aware of the consequences of non-compliance.
As a business leader, ensuring compliance with data privacy regulations like the General Data Protection Regulation (GDPR) is crucial in today's digital landscape. Failure to properly handle consumer data can result in hefty fines, loss of consumer trust, and damage to your brand's reputation.
No industry achieved a 50% consumer trust rating for data protection, though healthcare and financial services providers fared better than others in terms of consumers feeling comfortable sharing data with them, a McKinsey survey of 1,000 North American consumers suggests.
Most respondents (87%) said they would avoid a company over concerns about its security practices. 71% stated they would stop engaging with a company that gave away their sensitive data without permission.
The same survey also explains that major data breaches have exposed staggering amounts of consumer records, like the 3.5 billion records leaked in two breaches at a large corporation. Hundreds of millions more records were exposed across several other breaches. Companies' handling of such catastrophic incidents is under intense scrutiny, even from consumers not directly affected, given the high stakes around protecting personal data.
So how can organizations work to build a culture of GDPR and data privacy compliance? Here are some key steps:
10 Key Steps to build a culture of GDPR and data privacy compliance
- Conduct regular data mapping and audits by using data discovery and classification tools. Solutions like Varonis Data Risk Assessment can automate the process of discovering, mapping and classifying sensitive data across cloud, on-prem and endpoints.
- Implement robust data security with encryption technologies like Azure Confidential Computing or AWS Nitro Enclaves for encrypted data processing. Access controls via identity and access management solutions like Okta. And data loss prevention (DLP) tools to monitor and secure data flows.
- Establish clear policies aligned to GDPR principles like data minimization by using privacy management software. Offerings like OneTrust or TrustArc provide policy templates, assessments and mechanisms to operationalize data privacy.
- Provide training leveraging third-party compliance training courses tailored for GDPR and data privacy. Platforms like Cybrary and Skillsoft offer such training modules.
- Designate an experienced Data Protection Officer and support their role with privacy program management solutions like Protosphere that streamline and automate DPO workflows.
- For handling data rights requests, implement consumer request portals and workflow engines like DataGrail that can ingest, triage and process requests in a standardized manner.
- Leverage regulatory change management tools like the Compliance.ai knowledge automation platform to stay up-to-date on evolving GDPR requirements and control mappings.
- Adopt privacy engineering practices like data protection by design and default. This means building privacy controls directly into systems and processes during the design phase.
- Conduct data protection impact assessments (DPIAs) before high-risk processing using DPIA frameworks and templates.
- Institute processes for data breach notification compliant with GDPR's 72-hour window, often via third-party breach coaches and forensic firms.
Investing in robust data privacy and GDPR compliance practices is an essential priority for businesses today. It protects against risk while demonstrating ethical data stewardship that can strengthen consumer trust.
The key is implementing purpose-built privacy tools and technologies across the entire data lifecycle, while developing robust processes and a top-down privacy-conscious corporate culture.Investing in robust data privacy and GDPR compliance practices is an essential priority for businesses today.
In Conclusion
Implementing a comprehensive GDPR and data privacy compliance program is not just about checking regulatory boxes. It's an opportunity for organizations to build trusted relationships with consumers and create positive user experiences.
When companies demonstrate that they value data ethics and prioritize privacy by design, it instills confidence in users. They feel secure sharing personal data, knowing it will be properly handled and their rights protected. This peace of mind enhances the overall user experience.
Good data privacy practices lead to better data quality and governance. By only collecting necessary personal data and maintaining accurate user records, businesses can deliver more relevant, personalized user experiences without compromising privacy.
Should a data breach or non-compliance issue occur, having rigorous processes for notification and response preserves transparency and accountability with users. They appreciate the honest communication.
A robust GDPR compliance centered around technologies for data discovery, encryption, identity management and privacy engineering makes users feel their data is being responsibly stewarded. This nurtures brand loyalty and advocacy.
Consumers are hyper-aware of how their data is being used, hence prioritizing data privacy is simply good business. Companies that lead with trust and ethical data practices will be rewarded with engaged, satisfied users who keep coming back. It's a win-win for compliance and user experience.
