Navigating the complex and dynamic landscape of data privacy presents a formidable challenge for organizations, regardless of scale. Even well-positioned organizations encounter difficulty when discerning initial steps and ascertaining requisite levels of safeguards for compliance. Coverage aside, a single security breach or failure to comply can undermine consumer trust for years.
The prime approach for companies to assure regulatory compliance involves implementing a robust data management strategy. When partnering with Infoverity, organizations establish essential governance processes and security policies that ensure compliance across all operational regions. Sensitive data protection has become critical for every business, crucial for avoiding fines, safeguarding brand reputation, and enhancing customer trust.
The federal government, along with the majority of U.S. states, has already adopted or is in the process of considering data privacy legislation. The regulatory landscape includes a complex web of laws such as HIPAA (USA), CCPA (California), COPPA (Colorado), GDPR, GDPR UK. This multitude of standards, which may at times even contradict each other, requires companies to maintain compliance unique to the specific regions where the data is utilized. As a result, businesses increasingly require expert guidance to effectively manage evolving responsibilities.
Strategic planning for data privacy, let alone full compliance, presents formidable challenges due to the dynamics of regulations. Yet, non-compliance is costly, including substantial financial penalties and erosion of consumer trust. Effective data management bolsters compliance regardless of location, enabling a robust shield for the protection and security of data.
The variability of privacy regulations often leaves companies overwhelmed. Infoverity partners with organizations to conduct an in-depth risk assessment of their data ecosystem. This serves as the foundation for a strategic roadmap which deploys data protection and equips people, process, and technology for business transformation.
Regulators often lack in-depth expertise over data privacy, resulting in legislation overrun with ambiguity, contradictions, or complexities. This makes interpretation a formidable task. Infoverity offers specialized expertise, equipping organizations with data management best practices to enable confidence in compliance coverage.
Most legacy systems were not designed to handle the immense volume of data prevalent in today's world. This creates limitations and privacy coverage gaps. Furthermore, reliance on manual remediation results in high overhead and human error. Data management best practices support optimized compliance via strategic classification of sensitive data, automated operations, and streamlined security policies at scale.
According to Gartner, by 2025, 75% of the world’s population will have its personal data covered by modern privacy regulations and 60% of large organizations will adopt privacy-enhancing computation (PEC) techniques for processing data in untrusted environments and multiparty data analytics use cases.
Additionally, according to Gartner, by 2026, fines due to mismanagement of subject rights will have increased tenfold from 2022 to over $1 billion.
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