Data privacy is also popularly known as information privacy, is the aspect of information technology that deals with the ability an organization or individual has to determine what data in a computer system can be shared with third parties.
Data is currently the most important commodity for businesses. Due to the sheer number of privacy regulations and mandates, the CPOs, therefore, are under great obligation to interpret all these mandates and implement proper privacy programs for compliance.
Data privacy is now being regarded as a constitutional right in many countries, even in India. We have seen an increase in the public debate and consumer awareness around data privacy in recent times.
The need for pervasive data access has dramatically increased over the last 18 months. The workforce has now shifted to remote work during the pandemic. Their need to access business applications and data has accelerated their companies’ move to the cloud. These major shifts in the way companies do business mean data flows everywhere, which means data protection must be everywhere. Companies that allow users to log into cloud services and access unprotected data no longer face the question of – if they will have data stolen, but when-and when may already be in the past.
Complying with the regulations can be difficult and complex, requiring companies to assess a wide range of activities (strategy, people, process, and technology), and to build diverse capabilities and tools in four key process areas (records management, privacy/compliance, crisis management/cyber, and IG).
These capabilities and tools encompass:
Data inventory: Companies need to know the type and source of data collected, stored, and used—and how accurate and complete it is. Inventories should be risk‑ranked to reflect inherent risk and quantify business needs for the data.
Classification: Companies need to define the types of data collected and retained—and which data is personal versus public—in a manner that’s compliant with privacy regulations and that clearly classifies individuals impacted by the information to ensure customer access requests are properly addressed.
Third-party relationships: Companies need a comprehensive inventory of third-party relationships (and of the data collected, stored, or shared with third parties) to implement programs that properly address issues related to data quality, use, privacy, and security. Contracts should be created or amended to hold these third parties to new privacy standards.
Portability and erasure: Companies must manage customer requests that involve moving or eliminating personal information.
Data security: Companies need to implement and maintain reasonable security procedures and practices. They also need to respond effectively to data breaches.
Consent: Companies need management tools capable of handling consumer requests in a timely manner, including specific authentication and permissions for cross-affiliate marketing.
Oversight and monitoring: Companies must implement programs that are comprehensive and strong, yet flexible enough to adapt to continued changes and ongoing regulatory/business implementations. Such programs can benefit from increased focus on training and change management procedures to ensure they’re properly implemented through the three lines of Défense, which can help avoid regulatory enforcement, fines, and penalties.
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