By Marcus Scharra, Co-CEO and Co-Founder, Senhasegura
This year’s Data Privacy Week is a timely reminder of the growing importance of protecting data in our increasingly digital world. Data privacy has become a critical concern of governments around the globe, resulting in the tightening of regulations governing data collection, disclosure, and individual control. As we enter 2024, it’s clear that modern privacy regulations are on track to encompass most consumer data, reshaping how organizations manage and protect this valuable asset.
It is crucial to note that data privacy is not merely a compliance checkbox but also a strategic asset. Unfortunately, few organizations are working in this direction. According to Gartner, by the end of 2024, modern privacy regulations will cover the majority of consumer data. However, less than 10% of organizations are expected to effectively leverage privacy as a competitive advantage.
Forward-thinking companies recognize that robust privacy programs can set them apart from competitors, developing trust with customers, partners, investors, and regulators while enabling more effective and responsible data usage.
Here are four key steps companies should take to develop a robust a robust privacy program and build trust with constituents:
- Create a comprehensive data inventory, mapping all personal data collected, processed, and stored; this is crucial for regulatory compliance and effective data management.
- Adopt a privacy-by-design approach, embedding privacy considerations into products, services, and systems from the outset. Conduct privacy impact assessments and integrate data protection features to enhance data security and demonstrate commitment to customer data protection.
- Implement employee training and awareness programs to ensure that all employees understand their role in data protection, reducing the risk of data breaches resulting from human error and fostering a culture of privacy within the organization.
- Track and comply with current and evolving privacy regulations, including updates to existing laws like LGPD, GDPR, and CCPA, as well as new data privacy legislation at the state or national level. As the regulatory landscape continues to evolve, non-compliance is no longer an option.
Digital transformation efforts and the rise of remote work continue to expand the cyber threat landscape, requiring companies to remain ever more vigilant against attack.
More than ever, companies must ensure that their data privacy programs are proactive, adaptable and robust enough to address evolving risk and ensure business continuity.
Developing a comprehensive data privacy program is integral to business strategy in the digital age, offering a path towards resilience and demonstrating the importance of safeguarding the privacy of employees, partners and customers around the globe.
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