Data privacy is the ultimate aspect of ensuring a credible reputation for your company. With more businesses undergoing a digital shift in this internet era, it is essential for organizations, especially those operating in the corporate sector, to protect user data like their life depends on it (no kidding!). While there are multiple ways to do that, it can often be overwhelming to ensure that regulators, employees, clients, and partners are all on the same page about all your various security measures.
This is where a compliance framework can help keep everything on track! A compliance framework is a codified collection of rules, and best practices used to collect, harmonize, and then integrate all relevant organizational compliance needs. A framework is the fundamental conceptual structure that offers advice with the freedom to explore, in contrast to a standard that specifies the best practice approach.
Now, what are some common privacy frameworks? The NIST Privacy Framework and ISO/IEC 27701:2019, which supplements ISO 27001 for information security with a privacy framework, are two important examples. Using frameworks to manage data privacy needs can be a lifesaver.
In this blog, your friendly compliance experts at Akitra have highlighted four reasons you need a data privacy and protection framework. This article is geared towards making you realize the importance of a data privacy network and acquainting you with the steps to implement one. Interested to learn more?
4 Reasons Why You Need a Framework for Data Privacy and Protection
- Frameworks allow for quick and easy risk and compliance management
By using a framework, you can avoid beginning from scratch. You can make changes for the particular usage while receiving specific structures and directions from the framework. A framework is an excellent training asset when you need help figuring out where to start.
The quicker and more efficient the process, the more time everyone is engaged to work on other projects. That could entail resolving a persistent problem, exercising due diligence, or attending to other matters.
- Frameworks that are globally recognized can foster trust in case of a privacy issue
When a customer’s privacy is violated, it is terrible for the business and the customer. Brand, market share, and shareholder values are all things that the company stands to lose. The client loses faith in the business and can decide to do business elsewhere. There are fines, which may be up to 4% of annual turnover or 20 million euros.
Using a reputable, well-known framework lowers the chance of an incident, and authorities are more supportive of the endeavor to preserve data privacy.
- Frameworks can adapt quickly to changing privacy laws
Just as a new data privacy law is about to take effect, lawmakers are modifying it. The California Consumer Privacy Act is one example (CCPA). Without considering the states attempting to follow California’s model, there has been a parade of modifications since it took effect on January 1, 2020.
This fact continues to be true regardless of how much the world changes. Your best option is a privacy framework, which can adapt to meet changing demands imposed by laws requiring data protection and customer privacy.
- Frameworks make mergers and acquisitions more seamless
Your company’s personal information on its employees, clients, and suppliers can grow significantly whenever it merges or acquires another business. Professionals in IT risk management are on high alert due to the heightened risk from the possibility of incidents and breaches, and compliance is front and center accountable for satisfying any new data protection and privacy standards.
During a merger or acquisition, if your company, as well as the company you’re merging with or acquiring, is certified to privacy frameworks like the NIST Privacy Framework or ISO/IEC 27701:2019, it can make the whole process a lot simpler and hassle-free. The best part of being certified in these frameworks is that they scale and mold to satisfy new requirements.
Steps to Implement a Data Privacy Framework
Implementing a data privacy framework can include any or all of the following steps, speaking from a technical perspective:
- Identify and rank sensitive data, such as the social security numbers of employees or the credit card numbers of customers;
- Determine who is engaged in the flow of confidential information inside your organization;
- Set restrictions on the information that is gathered, held, accessed, used, and shared;
- Obtain the approval of key decision-makers;
- De-identify, anonymize, and encrypt personal data;
- Analyze, assess, and route data that has been flagged;
- Locate and remove customer information as needed, corresponding to legal deadlines;
- Monitor and manage both internal and external data governance; and,
- Inform regulators as soon as possible about data breaches involving PII.
Ensure Data Privacy by Implementing Regulatory Frameworks Supported by Akitra!
When businesses implement privacy frameworks that outline the rules and practices for safeguarding the personal data of their clients and employees, they can improve their data privacy practices. In a corporate, technological, and regulatory environment that is constantly evolving, frameworks can assist them in addressing today’s needs and adapting to those of the future.
Establishing trust is a crucial competitive differentiator when courting new SaaS businesses in today’s era of data breaches and compromised privacy. Customers and partners want assurances that the organizations they work with are doing everything possible to prevent disclosing sensitive data and putting them at risk. Compliance certification fills that need.
Akitra offers an industry-leading, AI-powered Compliance Automation platform for SaaS companies. Using automated evidence collection and continuous monitoring, together with a full suite of customizable policies and controls as a compliance foundation, our service helps customers become certified for data privacy frameworks like like SOC 1, SOC 2, HIPAA, GDPR, PCI DSS, ISO 27001, ISO 27701, ISO 27017, ISO 27018, NIST CSF, NIST 800-53, NIST 800-171, FedRAMP, CCPA, CMMC, and more such as CIS AWS Foundations Benchmark, etc. In addition, companies can use Akitra’s Risk Management product for overall risk management for your company, Trust Center, and AI-based Automated Questionnaire Response product to streamline and expedite security questionnaire response processes, delivering huge cost savings. Our compliance and security experts will provide customized guidance to navigate the end-to-end compliance process confidently.
The benefits of our solution include enormous savings in time, human resources, and cost savings—including discounted audit fees with our audit firm partners. Customers achieve compliance certification fast and cost-effectively, stay continuously compliant as they grow, and can become certified under additional frameworks using a single compliance automation platform.
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