Modern businesses today generate a large volume and value of data, and it is growing at an exponential rate. Regulatory bodies around the world are making more stringent laws to maintain customers’ data privacy rights.
Moreover, consumers today have become more aware of their data privacy rights. This has made data privacy a boardroom issue and a potential way to get a competitive advantage and not just a mandatory compliance requirement. Enterprises that do not have comprehensive and efficient data governance policies will find it challenging to ensure compliance with data privacy. Businesses that do not have effective data privacy strategies might have a negative brand image. Modern businesses have to withstand tremendous pressure from regulators, consumers, and the industry to optimize their data management policies.
“Strengthening privacy compliance is paramount for all organizations, with online threats increasing alongside the rise of remote working structures, cloud network setups, and multiple device logins across teams,” says Joshua Anton, Chief Strategy Officer of Digital Element.
CDOs need to ensure that they have effective strategies to gather, use, store, process, and delete personal information (PI) on data privacy day 2023. European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have made necessary changes to give more importance to data privacy issues and make it more transparent. Following is a playbook for CDOs to make necessary changes to the data management policy on data privacy day in 2023:
Also Read: Data Privacy Management Software Market Value Will Reach Nearly $2.3 Billion in 2025
Adopt Data Encryption Tools
To strengthen data privacy, businesses should be able to encrypt their entire data throughout the organization. CDOs should consider implementing the best data encryption tools integrated into their data tech stack to improve data privacy. Enterprises need to identify the sensitive personal information which has to be encrypted to keep it secure from unauthorized access or threats.
CDOs should consider implementing data encryption tools that transform sensitive information into an unreadable format that malicious actors cannot read without the right decryption key or password. CDOs and CISOs need to work cohesively to seamlessly develop a data privacy technology stack that has effective tools to secure crucial data from unauthorized access, modification, disclosure, or theft. Enterprises need to have effective strategies and tools implemented to ensure data encryption while it is at rest and in motion. Encryption of data helps businesses to add an additional layer of security to defend sensitive data. Without effective data encryption tools and strategies, the entire business data is exposed to various cyber-attack vulnerabilities and data breaches.
Implement Applications to Meet Industry-Specific Compliance Regulations
Many businesses gather various personally identifiable information (PII) to accomplish their goals. Gathering PII makes it essential for enterprises to comply with various data compliance standards like GDPR, CCPA, and others. Moreover, every industry will have some domain-specific data compliance standards which they need to comply with to ensure data privacy. In order to make the most out of data privacy day 2023, businesses need to know all industry compliance standards to gather, store, share and secure sensitive information.
“Acknowledging the potential dangers of unreliable VPN solutions is especially important. With free offerings more accessible to anyone wanting to hide their personal information – legitimately or not – businesses of all sizes are now being targeted by attackers, who acquire personal data through the very services companies believe are protecting them. Trusted and secure methods, such as IP intelligence using IP geolocation and user insights to detect suspicious logins and activity, will be key for decision-makers this year,” says Joshua Anton, Chief Strategy Officer of Digital Element.
Enterprises that fail to comply with the data privacy regulations within the industry might have legal litigations, negative brand image, and other repercussions. Enterprises that want to comply with the industry-specific data privacy regulations can integrate applications that understand the compliance needs and scale with it.
Also Read: Cisco Survey says SMBs Take Data Privacy and Security Seriously
Businesses need to adapt to data encryption to improve data privacy in 2023. CISOs and CDOs need to upgrade their data tech stack with tools that help them to comply with industry standards. Data decision-makers need to consider the above-mentioned two strategies to make the most of data privacy day 2023.
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