Privacy Risk Management

Collecting information isn’t as simple as it used to be, and organisations need to adhere to legislation concerning information privacy. The most pertinent is the General Data Protection Regulation (GDPR), which safeguards personal information and holds organisations accountable for the security of information in their care.

Challenges

Privacy compliance is daunting. The scale, effort, cost and time involved in implementing new processes, controls and metrics is considerable. What’s more, on the surface there doesn’t seem to be any potential financial gain involved – rather, it appears simply to be about the avoidance of fines. In reality, though, compliance brings real benefits such as improvements in data governance, reputation and customer satisfaction, along with a boost to your organisation’s external value proposition.

Why do companies outside the EU need to comply with privacy legislation? Simple: all countries worldwide are moving towards a universal standard that not only complies with the EU, but with global legislation as well.

Compliance extends to sharing information with third parties. The problem is, your organisation may share sensitive data with third parties that have poor policies, governance and controls relating to personal data. Since you will be held accountable for their transgressions, these parties can have a direct financial and reputational impact on you, with your organisation fined to a level that could see it liquidated.

a Product of Phinity Risk Solutions