More than a compliance issue, data protection and privacy have fast become critical board-level issues and the unforeseen fast track to gaining a competitive advantage in the age of accelerated digital transformation. As heightened regulatory and marketplace pressures continue to push the agenda for improvements to processes surrounding the collection, storage and use of personal information, businesses have little choice but to revolutionize their data operations and data privacy management to align with new market dynamics.
Until recently, the majority of businesses have focused their data privacy operations around specific regulations and requirements that govern their industries, but a scattered and siloed approach to data privacy is no longer sustainable when mapping out future-ready commercial strategies. In order to power innovation, improve customer experience and open up new revenue opportunities, there is a critical need to extract the maximum value from the torrents of data being generated every day. And future-thinking businesses are understanding the benefits of investing in the creation of flexible data governance frameworks that align with — and facilitate — their commercial objectives.
It is this rewired view of privacy as a strategic enabler of data-driven growth and innovation, rather than a business blocker or bolt-on expense, that is serving as a catalyst for the modernization of data operations. Effective privacy management combines technology, systems and people who can function cohesively so that data can be leveraged in a manner that balances the need for cross-functional collaboration and speed to insight with the need for transparency, accountability and compliance right across the business ecosystem.
1. Empower commercially minded governance teams with PETs
A solid data governance framework should create trust in data, secure data, and make it accessible to those who need it. But this is easier said than done when businesses are relying on manual processes to govern ever-increasing volumes of data.
In an effort to facilitate fast, effective decision making and empower governance teams with the confidence needed to break-free of overly cautious data restrictions, companies are turning to privacy-enhancing technologies(PETs) and tools that can revolutionize data processes and remove the regulatory guesswork so that governance teams can become agile enablers of privacy-protected data pipelines and demonstrate the business-wide benefits of baking privacy into the core of commercial strategies and systems.
2. Focus on smart, scalable and systematic strategies
Under the GDPR, businesses are required to ensure the regular and systematic monitoring of personal data, but often they do not know where to start. Companies should view this systematic monitoring just like they would view a car M.O.T or a health check. That is to say: privacy risk assessments should be pro-active rather than reactive; problem areas should be pin-pointed and addressed to avoid costly repercussions further down the line; and regular assessments should become the norm to keep things ticking over with confidence.
But how can companies keep up with the growing volumes of data that needs to be assessed, protected and leveraged today? A coherent strategy that harnesses purpose-built technology is the key to transforming data privacy management right across an organization in a smart, scalable and systematic way.
3. Remove subjectivity from the decision-making process
In order to implement standardized data governance that delivers the speed, agility and resiliency required to support fast moving data strategies while meeting the requirements of global privacy regulations, businesses need to have a single source of truth that helps them to better understand their privacy risks and make decisions about risk mitigation. Tapping into technology that can streamline the measurement and mitigation of privacy risks via one centralized platform is the fastest way to operationalize privacy-protected data flows right across your ecosystem.
In today’s world, having the ability to run automated — and auditable —privacy risk assessments to identify and surface data risks is a game changer for governance teams. It brings objectivity and standardized measurement to the risk assessment process, which is a critical step in overcoming regulatory worries that often lead to data waste and operational inefficiencies. Once privacy risk has been measured, the necessary steps can be taken to mitigate those risks through targeted de-identification, and this creates a clear path forward for operationalizing safe data at speed right across the business ecosystem.
Looking to standardize governance and fast-track safe data access across your organization? Book a 15-minute demo today to see how Trūata Calibrate can work for you, or learn more about the business benefits of automated privacy risk assessments.