Now, more than ever, it is crucial to have a solid privacy compliance plan in place. No doubt about it, customer data privacy and protection laws are a part of life and here to stay. The big question is, “how do you take charge of your organization’s data and be compliant with privacy regulations?”
A proactive approach to privacy compliance is crucial if you are to keep the trust of your clients and avoid lawsuits.
Now is the time to act.
The EU's new privacy regulations, the General Data Protection Regulation (GDPR), may have been the first implementation, but rest assured that more are on the way. These privacy regulations are becoming more crucial as the amount of data companies are collecting and tracking becomes just as crucial. Non-compliance will have you facing serious consequences.
Privacy Compliance: Is it worth waiting?
So many companies are watching from the sidelines, in a wait-and-watch mode, hoping to avoid fines and penalties. Most can’t seem to keep up with the stream of privacy-related legislation and regulations.
The California Consumer Privacy Act (also known as the California Consumer Protection Act (CCPA)) is one such piece of privacy legislation that has been considered since the GDPR in Europe.
Data suggests that 95% of CIOs consider handling and fortifying cybersecurity to be one of their prime responsibilities. In a study of around 1,000 CIOs from different organizations across all industries, 64% are often required to deal with keeping data safe and secure or managing cybersecurity-related issues in general. Other important areas CIOs cover as part of their job description are data privacy/compliance (49%) and customer experience/Security (46%).
The Era of Privacy Compliance
Think of the headlines you’ve seen over the last few weeks. It would seem everyone is interested in information security breaches, especially those that have everything to do with personal data.
Blockchain seems to be at the forefront of managing digital identities and records for bank accounts, healthcare records (specifically protected health information or PHI), medical records, and more. As a result, regulators have increased their focus on personal privacy legislation with the rollout of CCPA.
People have some trouble understanding how business directives like “privacy,” “data security” and compliance are changing. Strive to educate your staff on what these terms mean and their potential implications for your organization. Only then will they feel in line with your organizations' ideology and stand on privacy and data security.
Defining the Differences
Compliance
It is a systematic approach to ensuring your organization meets its obligations under the law or according to set standards. One way to measure compliance and ensure this is adhered by putting “compliance” rules into place.
Having compliance rules in place helps guarantee transparency in all you are doing. These rules will check any wrongdoing before it gets done.
Privacy
Privacy policies on the other hand are aimed at making sure that companies understand what kind of information they have the right to collect, hold and use. Often, the implementation of these policies involves simply ensuring people are made aware of what information is collected and how their information will be handled.
Companies must be proactive and responsible when it comes to the handling of sensitive data. It is crucial for companies to constantly review current company policies and keep lines of communication open.
Every company must put in place measures to ensure that customer information is secured and handled with care by employees who are entrusted with access to such information. There is no excuse for neglecting this duty.
Security
Compliance and privacy regarding information security are both very crucial. In today's cyber-based world, data privacy is vulnerable to malicious attacks at any time.
Security, which is the primary field of expertise for an Information Security Officer, generally refers to protecting said data from unauthorized access, covering both intentional as well as unintentional acts like system failure or human error.
For privacy, security is an important principle. Institutions ensure the privacy of their constituents’ data via multiple complex protocols designed to prevent security threats from harming or taking away access to data.
External forces can pose several risks to institutions and their constituent that go beyond physical access to information. Indeed, sometimes simple internal data use also threatens the privacy of these individuals when methods are not used to protect the integrity and security of their private information.
Bottomline
Think about making a pie. Each ingredient you add can change the taste and consistency of your pie. Some ingredients complement each other well. But more often than not, different ingredients in your recipe may not go so well together.
Now to security, compliance, and privacy - they're similar in so many respects but combined with a unique approach and strategy for that desired end goal. Your organization and clients will be happy with the results.