A key priority for today’s companies is privacy compliance. A strong set of best practices ensures that personal information is handled according to legislation and other crucial guidelines. Certain data must be kept completely private, and that means confirming it is gathered and stored properly. Sometimes these practices must be proven, and other times a vulnerability is uncovered when a data breach occurs.
Compliance continues to be a major concern as there have been many new regulations introduced in the last few years, including the European Union’s General Data Protection Regulation (GDPR) and others. Note that many states in the U.S. have passed their own privacy compliance laws that must be followed, so make sure you understand any local laws, too.
Privacy compliance laws regulate how companies meet requirements related to storing, managing, processing, and gathering the personal information of staff members and customers. Proper focus must be put on these matters to avoid fines and legal trouble. For example, employees or clients could file a lawsuit against you if their information is compromised. An IBM report showed that in 2021, the average cost of a data breach is $4.24 million.
This guide will cover how your organization can utilize compliance tools to improve your approach and six of the best privacy compliance tools you should consider implementing into your workflows.
Fortunately, there are lots of tools out there now that help you automate privacy compliance; it’s not a big chore to follow guidelines. These tools and features help you ensure you have the right practices in place to protect information across the organization. They save you time and resources since many are very easy to implement and manage. They make certain that customers have given proper consent when their data is involved. And, they help you avoid the high costs of data breaches or lawsuits.
Remember that brand trust relies on having open, honest relationships with customers. If their information is compromised, it’s hard to maintain that trust. Studies have linked losses in customer trust to losses in revenue, so there are many reasons to make sure your clients (and employees) trust your company.
Where can you turn when you need a great compliance tool? A few key components to watch for are automation, continuous monitoring, speed, consent management, and cost savings. Here are six awesome must-haves that will support your privacy compliance processes:
You first want to check out the tools that will evaluate what you’re doing now and identify any gaps. The solutions at Zendata do this and help you automate privacy compliance checks so they take mere minutes. Automated data risk tests allow teams to immediately resolve any issues in their data collection and storage practices. You can scan your entire website and app to uncover potential issues and always stay compliant with both local and global regulations.
Using intuitive, interactive dashboards that these solutions offer helps everyone at your company gain visibility, and you can have a firmer grasp on trackers, cookies, and risks that come up with the third-party technologies you’re using. A tool like Zendata helps you incorporate automation and consistent monitoring to improve your approach to privacy compliance.
PrivIQ is cloud-based software that helps companies reduce data privacy risks and ensure compliance. The tool evaluates compliance practices and comes up with a plan so the company can get into alignment with all applicable guidelines, including eight data protection regulations. With a tool like this, compliance is optimized with automation and constant risk tracking, and each action item is designated to a team member so you can always track the status of ongoing projects.
Businesses also need a strategy for getting consent from users for their data. A unique tool that helps companies comply with privacy laws is Adzapier. This platform focuses on cookie consent and consent preference management so that organizations never violate privacy laws related to the digital world. Adzapier is more focused on how teams can stay compliant in their marketing tactics, so it will help you round out privacy considerations when trying to gather customer data and use it to reach people with brand messaging.
Netwrix Auditor is focused on company auditing. The software can detect security threats and ensure compliance with internal and external IT audits. These audits enhance security and also helps teams prepare for compliance audits with predefined reports that outline information for the most common regulations, like GDPR and the Health Insurance Portability and Accountability Act of 1996 (HIPAA).
Software like Netwrix speeds up processes for companies and helps them save time and money when managing compliance audits, allowing them to pass audits on the first try.
Onspring is a business process automation platform that helps companies speed up a variety of workflows with automation and the latest technologies. The software has a governance, risk, and compliance (GRC) suite that relies on automation to boost accountability and ensure that risk mitigation activities are efficient and cost-effective. Risks and threats can be anticipated so they are proactively planned for.
Putting more attention on privacy compliance practices helps your company avoid fines, lawsuits, and a loss of brand trust and revenue. You need to always stay compliant in the way you gather, handle, store, and manage personal information, and risks are heightened since everything has moved digital.
Software programs and platforms make compliance much easier with automation tools and simple features that get the work done for you. Don’t forget to check out the six awesome tools covered in this post when you’re not sure where to start.
Zendata’s features help you navigate privacy compliance more effectively with automation, quick checks, and consistent monitoring tools. Try the privacy scanner for free!