The consternation around data privacy has been in full effect for organizations throughout the world, and 2020 is unlikely to bring any relief. With California lawmakers passing the California Consumer Privacy Act and other states gearing up for their own legislation, the conversation around data privacy is intricate and ever-changing. Compliance requirements are likely to be different depending on how and where you are storing information, and there are also specific guidelines around what type of data can be stored and who is able to access the information. With hundreds of thousands of companies impacted by these shifting privacy laws, it’s not surprising that this is a primary risk concern for IT and business leaders alike. See the direction of these data privacy trends and how updated requirements are likely to impact your organization.
Data Privacy Primer
Data management and analysis skills are in top demand by the nation’s CEOs, with 54% reporting a “lack of analytical talent” according to a recent poll by PWC. Inadequate data, the inability to access the right data at the right time — these are all frustrations that are being exacerbated by new data compliance and privacy requirements. While organizations are looking for ways to reel in access to data and limit redundancies, marketers and business leaders are hungry for this same information to create a more meaningful and engaging customer experience. Finding the balance between data access and privacy has never been a more delicate dance and one that is facing increasing regulations from lawmakers.
Personal, financial or healthcare-related data points are all being scrutinized by audit professionals and technology leaders, looking for ways to consolidate data storage and create a more cohesive approach to data management that often proves elusive. With Europe’s General Data Protection Regulation (GDPR) serving as the lodestone for new regulations, it’s good that many organizations have already started to bring their data in line with these expansive guidelines. Everything from how data is stored to how companies allow consumers to interact with their information is covered in detail, with clear requirements for compliance. While the California Consumer Privacy Act (CCPA) has many similarities, there are enough differences that could cause confusion for organizations attempting to implement the proper standards for their unique datasets.
Data Privacy Challenges for 2020 (and Beyond!)
Getting your data into shape and locking down the usage is a start, but it’s certainly not the final word in terms of changes to your data storage and protection strategies. Here are a few of the ways that data privacy requirements are expected to shift in the coming years. Transparency and preparedness are the themes that you will continually hear as technology professionals look for options that will allow for smooth usage of and protection for valuable consumer and competitive data.
Do you know that old, dead database that is only used by your accounting department for billing a single, random type of project? That information is on the cusp of becoming a data graveyard: a grouping of data that is no longer being actively utilized but is still being stored. You’re not gaining any value from this information, but you are incurring a significant risk by keeping it around.
Rise of the Data Protection Officer
As organizations struggle with the complexity introduced by the global data privacy laws, it’s becoming vital to have a single individual looking across the organization in an effort to consolidate and simplify data storage and management. This data protection officer (DPO) has a strategic mindset in terms of data usage as well as protection and will need to have power in terms of requiring other departments to come into compliance with their data efforts.
Supervisory Authorities Flex Their Muscle
While compliance has been a concern for corporations, the lack of truly invasive activities by supervisory authorities may make it seem as though fines and penalties may be becoming more relaxed. Nothing could be further from the truth, and you can expect these groups to begin bulldogging your company more aggressively in the future.
Customers are more likely to trust — and work with — organizations that are transparent in providing full access to personal information and how it is being used. Providing customers with an easy “opt-out” mechanism may feel uncomfortable for marketers who don’t like to lose any of their perceived audience. Letting customers make the choice makes them feel more in control and confident that their wishes are being followed.
Maintaining fully-compliant data standards and ensuring that your business is protected from risk is a full-time job, which can be a challenge if you don’t have professionals dedicated to this task. Creating a focus on data transparency begins with a full audit of the data currently being stored within your organization and how it is utilized. The professionals at Coretelligent have deep experience working with corporations of all sizes to ensure you have access to the tools and standards required to stay fully compliant and secure in a shifting data landscape. Contact Coretelligent at 855-841-5888 or via email to email@example.com to schedule your free initial data privacy and security consultation.