How to assess data privacy risks with less cost and complexity

Assess data privacy risks with less cost and complexity

You only have to look at recent data privacy stats to understand why the business landscape is pivoting towards privacy and prioritizing data-centric security. As data becomes the currency of our times, examples of breaches where attackers have gained access to personal data of customers are becoming commonplace, and the compromised organizations are met with costly repercussions and increased regulatory scrutiny for mishandling the personal data.

While large organizations typically have well-established data protection compliance programs to tackle the growing complexities of data management, a personal data breach or data leak can have a devastating impact on SMEs. Data governance and risk management professionals at these smaller organizations often find themselves short on the necessary resources and tools to get their jobs done, which often leads to data risk and data waste.

Privacy-enhancing technologies have come a long way in terms of their sophistication, and such technologies can help under-resourced teams to identify and protect sensitive PII or personal data. However, buying into the wrong solution can be a liability and, in the cases where SMEs can afford to stretch budgets to leverage software solutions, many companies find that they end up paying a premium for costly and complex features that they do not need for the task in hand.

That’s why, as an extension of Trūata’s enterprise software offering, we created Calibrate As You Go.

A data privacy service for SMEs

Grappling with all the nuances of GDPR has been challenging for many SMEs since they often lack the resources, knowledge or confidence to ensure proper data compliance. At the same time, setting up the infrastructure to harness new privacy technologies and hiring the right expertise is not only expensive, but it is slow and inefficient for the requirements of the professionals working in small-to-mid sized businesses.

In order to mobilize their data assets while protecting the rights of individuals when it comes to their data, SMEs need a ready-to-go, automated solution that provides them with a trusted, independent view of their data privacy risks at speed. Calibrate As You Go not only provides a smart, simplified privacy risk assessment and risk mitigation service, but it does so at a pay-as-you-go price point that enables SMEs to benefit from all the privacy perks of an enterprise software solution without the long-term licensing commitment or in-house expertise.

Instant visibility of your data privacy risks

Much like a health check, Calibrate As You Go pinpoints privacy risks in data sets of any size and can mitigate those risks so that businesses can mobilize safer data at speed and with confidence. The service enables businesses, and privacy consultants or data audit firms, to scan data assets and receive an automated, easy-to-understand report that provides them with drill-down risk insights within one working day.

This pay-as-you-go service gives data governance and privacy professionals the ability to leverage our industry-leading risk assessment software that identifies both the obvious and hidden privacy risks in datasets of any size. By making one-time privacy risk assessments available to all, Calibrate As You Go ensures that manual governance procedures become a thing of the past, ensuring that SMEs can tap into data that would have previously been held up by slow governance procedures or left unused due to concerns over regulatory compliance.

Expert privacy risk assessments… at a byte-sized price

Making an investment in enterprise software to address data privacy risks can save an organization from substantial costs down the road, including fines, legal fees and reputational costs; it can also create an array of business-wide benefits with many organizations already observing the ROI on privacy-enhancing technologies. However, for the majority of SMEs and privacy consultants, the upfront costs of such technologies are simply not a viable solution for one-time audits or assessments of stored data that needs to be processed or used.

Calibrate As You Go tackles this challenge by providing a service that companies can tap into, as and when they need, at a price-point that is based on the size of the data asset that needs to be assessed. If privacy tech is to become mainstream, and SMEs are to confidently put the privacy of their customers at the centre of value propositions and user experience, privacy-enhancing technology providers need to look to address the gaps in the market with state-of-the-art tools and technologies that cater to the large proportion of businesses that are not yet at a stage of maturity to adopt costly enterprise solutions.

Conduct independent privacy risk audits

By automating privacy risk assessments, Calibrate As You Go enables companies to free up time from data protection teams and operationalize privacy-compliant data in a matter of hours rather than days or weeks. It is also a practical solution that can bolster the tool kit and offerings of a data consultancy or audit firm that handles outsourced data privacy matters, providing them with a trusted solution from a certified ISO 27701 organization.

By bringing automation and risk quantification to the process, not only can privacy risk assessments be conducted at pace, but a business or consultancy can develop a plan of action based on the insights delivered in the privacy risk report, which can also be logged as part of a data compliance audit trail and, importantly, can be used to demonstrate accountability.

2022 will continue to demand trust, accountability and auditability from companies of all sizes that are storing and using data for business insight and growth. Protecting the privacy of customers whilst innovating with data will undoubtedly become more important than ever before.  

Learn more about conducting one-time privacy risk assessments with Calibrate As You Go, or explore our enterprise privacy-centric data management software to discover how you can bake privacy-by-design into your everyday operations.