Data privacy is expensive — here’s how to manage costs

by | Oct 18, 2022 | Technology

This article is part of a VB special issue. Read the full series here: How Data Privacy Is Transforming Marketing.
Data privacy has always been a top priority in both consumer and business circles. Individuals, including company employees, demand more control over how their personal data is used and greater transparency into how businesses manage customer information. If data is the currency of the future, then ensuring data privacy is the key to gaining user trust. 

In light of high-profile breaches and data leakage incidents such as the Sunburst SolarWinds attack, the Estée Lauder customer database leak, the discovery of Facebook and MGM Resorts confidential data on the dark web, the resurgence of WannaCry, REvil and other ransomware attacks companies have realized the need for robust data privacy strategies and processes. 

Solutions should focus on how personal data is collected, processed, stored, shared, retained and destroyed while ensuring data availability and integrity and safeguarding assets from unauthorized access. This should also cover agreeing, blocking and disabling online cookies. 

In cases where organizations are sharing data with each other, including those of third-party vendors, the above practices also apply. Executives need to collaborate to balance risk, transparency, customer and stakeholder satisfaction, and compliance. Needless to say, privacy policies must strike a balance between risk, prioritization, the cost of failure or breach as well as management commitment and operational and reporting costs.

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According to Gartner research, 75% of all organizations will restructure risk and security governance for digital transformation as a result of imploding cybersecurity threats, insider activity, and an increase in attack surfaces and vulnerabilities. Some companies have even appointed chief privacy officers, who are custodians and responsible f …

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