3 steps to implementing cost-effective & efficient privacy risk management

Magnifying glass highlighting Fingerprint privacy risk assessments on datasets

In today’s digital-first world, businesses have access to more data than ever before. Ironically, however, their vast data lakes often sit stagnant and underutilized, with the full commercial value of that data never breaking the surface.

Speed to insight and access to rich, real-time analytics is the key to driving growth and innovation, which is why — among the conflicting insight-driven functions of a business — data privacy has become synonymous with sluggish bureaucracy. And, having felt the business impact of increasingly complex data protection regulations, overly cautious data flow procedures and slow-moving privacy risk assessment processes, business leaders are now turning to privacy-tech solutions to overcome critical data challenges.

But where should businesses start when trying to mobilize a future-proofed data strategy? Here are three practical steps for operationalizing privacy-compliant data flows at speed and at scale without needing to invest more in manpower or pay big bucks for big data governance platforms…

1. Map your data flows

When it comes to implementing efficient strategies for privacy risk assessment and providing quick access to data, knowing where to start can be overwhelming in itself.

Under the GDPR, businesses are now required to adopt measures that enable them to closely monitor the movement of personal data throughout its lifecycle. Not only must they have a clear understanding of how and why personal data is being processed and stored, but they are also required to track the flow of this data between internal departments and users as well as external subsidiaries and third parties.

Mapping your data flows enables you to confidently understand the data you have, where it is located and why it is required. And it is this context of data use that becomes crucial when assessing your privacy risk to ensure that analytical utility is maximized.

2. Turn to automated cloud solutions for privacy risk assessment

The volume of data that businesses are now working with is at such a scale that is beyond human capability to effectively process and protect it without the assistance of technologies. So, how can data governance functions take the headache out of manual privacy risk assessments?

The answer is simple: plug a trusted, cloud-native solution into existing environments, then sit back and let the technology handle the measurement of privacy risk and the mitigation of that risk – all while delivering the auditable trail of compliance that you need.

At Trūata, we’re helping businesses to build sustainable data strategies with privacy at the core, so they can focus on commercial success rather than worrying about compliance. Our automated privacy risk assessment solution, Trūata Calibrate, is purpose built to meet the highest data protection regulations, and it’s easy to deploy to ensure no additional infrastructure costs. It is engineered to conduct privacy risk assessments within hours and facilitate a consistent, standardized approach for assessing privacy risk right across your business.

3. Distribute privacy-compliant data with confidence

When you remove subjectivity from the decision-making process, data can be moved and used confidently and compliantly. This is why running automated privacy risk assessment is the fastest way to making objective decisions about data use and risk mitigation.

Removing the potential for human error or overly-conservative decisions, automated privacy risk assessment tools empower data governance leaders with the privacy assurances needed to say ‘yes’ to data requests and to become enablers of free-flowing data that can be used confidently and compliantly to derive valuable analytical insights.

Our next-gen Fingerprint technology, which sits at the core of Trūata Calibrate, automates statistical privacy risk assessments on datasets – of any size – and provides numerical risk scores via a user-friendly dashboard so that you can scan low or high-risk data at speed. Taking the complexity out of compliance, our easy-to-navigate dashboards are designed with simplicity: simply log in, run privacy risk assessments on datasets and mitigate those risks before distributing privacy-compliant data.

Privacy tech tailored to your needs

What if your business doesn’t have an ongoing need for a privacy risk assessment solution? Tapping into a product like Trūata Calibrate provides you with options for your business and your budget.

Book a 15-minute demo today to see how Trūata Calibrate can work for you, or learn more about the business benefits of plugging a scalable privacy risk assessment solution into your tech stack.