How should my organisation be thinking about data protection and privacy?
GDPR is just one of the many regulations that global organisations need to comply with and we know that navigating these different legislative requirements represents a key risk to you, which you have to get right in order to avoid both the financial and reputational impacts that come with a breach. To see data protection and privacy as simply a business risk is, in many instances, missing the opportunity that the data you have can present in accelerating growth in your business and for solving some of society's biggest issues.
Data needs to be safe and secure, dealt with properly, but it also needs to be recognised as an asset and used by organisations in an ethical and appropriate way that retains trust in those whose data it is. Progress is dependent on safely exploiting the data you hold and unlocking the potential it presents.
Identifying and securing data
The first step is to understand what data you have and to ensure it is properly recognised, secured and complies with governing legislation, such as GDPR or CCPA. You need to ensure that subject access requests can be complied with, without causing business issues in your own systems and processes; that you are, more simply put, data privacy fit.
Understanding the value of your data
The second step allows you to start to see the value that data presents to your organisation; data as an asset is something you need to recognise and value. You may also want to understand the value that others’ data may present to you too, such as in M&A environments. Are you getting the value you expected, is it an asset or a liability; how may your own data be viewed by others undertaking a similar exercise.
Creating advantage
The third step is turning your data into business or societal advantage, in a way that ensures you don’t overstep the ethical line, or the trust expectations of your customers and employees. This opens up new revenue streams; turns ideas into expertly delivered solutions; and has the power to solve the most complex and critical issues facing society. By this point you are market defining and delivering new value in exceptional ways.
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