Consumer data privacy is a growing concern for customers, businesses, and regulators alike. Just this year, at least 38 states introduced more than 160 consumer privacy–related bills, according to the National Conference of State Legislatures.
Following proper data usage and advertising practices has become a high priority for organizations, as penalties for not complying with new legislation are high. To keep track of the moving target of privacy-related regulation, organizations need to find innovative and transparent data collection methods that keep consumer privacy in mind.
Proper governance, risk management, and compliance (GRC) practices help organizations maintain consumer data privacy and customer satisfaction while protecting against non-compliance and reputation risks.
The last point is an important success enabler for financial institutions and other organizations in regulated industries. Adopting GRC software can significantly improve the ability to keep pace with regulatory change, automate time-consuming manual processes, and free up resources to focus on other customer satisfaction or cybersecurity initiatives.
The main purpose of a cybersecurity program is to deliver efficiency and agility in managing cyber risk and IT compliance across the enterprise. When IT strategy is informed by and aligned with GRC processes, CISOs can fine-tune their teams’ cybersecurity activities to support business objectives.
To meet legal and regulatory requirements, organizations must do more than continuously manage and monitor information security. Unless they take a holistic approach to security, risk, and compliance — including consumer privacy issues — financial services firms will struggle to meet evolving standards for information management.
Maturing your data security and privacy management processes requires:
Building a consistent and compliant information management framework frequently leads to an investment in digital transformation. An integrated, technology-enabled approach helps organizations weave information security and risk management into business strategy and equips stakeholders with a top-down view of IT governance.