Why Data Privacy Should be a Top Priority
In 2020, people became more aware of data security and privacy, perhaps due to the COVID-19 pandemic. The post-pandemic phase should be a key moment for tech leaders to prioritise data security and privacy.
Data Security
Data security should be effective in all three phases: prevention, detection, and response. Many organisations place too much focus solely on preventative measures. The risk in this approach is delayed detection, and as a result loss of data and ability to perform risk mitigation. Therefore, organisations must also pay attention to incident detection and response processes and technologies.
Align Technology with Regulatory Requirements
Companies must ask themselves ‘how do our current technology solutions facilitate regulatory and compliance obligations in a way that is supportive of business objectives without compromising critical governance mandates?’ It is important to ensure that any new or existing technologies are aligned with legal requirements for managing and protecting personal data. It’s critical that people, processes and technologies work together transparently and coherently. This is because regulators, such as the ICO, will not be lenient on companies who fail to comply with regulatory requirements due to shortcomings in their current technology solutions.
Tech companies are increasingly developing innovative solutions in automation, analytics, artificial intelligence and other emerging technologies. Companies that wish to have a competitive advantage should be effectively investing in technology in order to prevent legal and compliance work from becoming a drag on team productivity and responsiveness.
Increase Investment in Privacy Tech
Gartner has predicted that by 2023, there will be a 150% increase in dedicated solutions to handle data subject access requests on behalf of clients. This is directly related to the impact of privacy regulations like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). Gartner has claimed that companies are now facing an “overwhelming number” of data subject access requests (DSARs).
Privacy regulations mean that companies must ensure that they’re acting within the time frames whilst also considering the resources that are required to process each DSAR, as it is often a time-consuming process. Automation and technology will be crucial in order to enable companies to comply with regulations. Companies must bear in mind that the number of DSARs is expected to increase, and with that, a strain on resources if automation is not put into place. According to Gartner’s latest Security and Risk Survey, organisations in the US are spending on average $1,406 per DSAR, with 81% of companies requiring at least a full working week to respond to each request.
Automation is Key
The GDPR and CCPA have also caused an increase in the awareness of data subject rights. As a result, companies require more resources in order to deal with customers and other matters of data privacy. As we emerge from the pandemic, automation of such processes will be key for companies in order to operate efficiently.
It is evident therefore, that more companies will adopt technology solutions that automate data privacy tasks. For instance, video redaction is a task that is easily automated by Pixelate. This is crucial in saving companies time and money when processing CCTV surveillance video as part of a data subject access request.
The automation of such tasks is vital for companies that need to free up resources in order to focus on achieving business goals rather than using scarce resources to handle data privacy compliance. Automation of data privacy compliance without technology is impossible.
Data Privacy as a Top Priority
Both the shift to digital transformation and increased focus on regulatory compliance has led companies to adopt new operating models and technology solutions. The most successful strategies are those that incorporate security and privacy risk into the business ecosystem.
If your organisation is not already prioritising data privacy, it is not too late to start. Organisations are storing a massive amount of data, and while this is a valuable source of business information, the recent introduction of data protection regulations has become a significant factor in effective data privacy management. Factoring in the growing risk of cyberattacks and increased consumer demand for personal data, it is evident why data privacy should be a top priority for all businesses.
