In the increasingly digitized world, data privacy has emerged as a critical business challenge. However, global data adoption and privacy measures are still developing.
In this digital era, data privacy has emerged as a critical business issue and, at the same time, a potential source of competitive advantage. With time, both value and volume of data have grown exponentially due to the increasing demand. And without an effective, comprehensive program for information governance, data privacy remains a primary compliance issue.
Data privacy helps enterprises with growth and innovation – thus, it is a strategic priority for CISOs. Even today, many organizations face increasing pressure from regulators to enhance their process of collecting, managing, and storing user information. This is only going to rise with the increased use of IoT, mobile communication, and big data.
Certainly, data privacy adoption and maturity spanning industries need to get better – especially amid the uncertain marketplace. Many organizations still have not accelerated the development of their privacy solutions and plans.
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A recent FairWarning research study finds overall immaturity of data privacy programs – nearly 44% of businesses are in the early stages, and about 28% are in the middle stages. Organizations with mature privacy solutions are expected to have C-Suite security and privacy roles compared to firms in mid- to early-stages of privacy development plans.
Even today, many organizations’ data privacy efforts are around certain regulations and requirements of their sector. As a result, the standard response was a blend of narrowly-focused initiatives intended to meet specific needs – and not comprehensive problems.
However, that one-off, scattered security approach to data is no longer good enough, especially amid the pandemic. Driven by the rapid significance and visibility of the data privacy challenges and the emergence of GDPR, CCPA, businesses can benefit from an enhanced approach.
Moreover, the pandemic has forced companies to operate remotely, and as a result, most of them are utilizing cloud solutions. Hence, a comprehensive security model is the need of the hour for businesses to operate efficiently and effectively, while managing a full range of data-related encounters.
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The same study reveals healthcare organizations at the top for managing privacy maturity rightly. In fact, all organizations need to take effective privacy measures and advance their setup, regardless of size or industry. This will help to ensure that they are at the forefront of privacy and data protection.
Clearly, in a fast-paced and increasingly digitized world, businesses need to prioritize data privacy and recognize the prominence of implementing data protection programs. It will not only curb attacks and data breaches but also speed up operational efficiency.
