With the enactment of GDPR and CCPA, data privacy has emerged as one of the most important compliance issues of our times. With new regulations being considered in multiple states, it’s no longer a topic that can be ignored.
Data privacy is about data—but it’s also about people, processes, and technology.
With a clear understanding of your data (what it is, why it’s collected, where it’s stored, who has access to it, etc.), you can improve technology and refine policies and procedures. These will support your people, who can be trained to minimize, optimize, and protect the data used by your organization.
Mastering your data management has more benefits than just compliance. It keeps you agile and enables your teams to move faster. Not only that—it's as much about building and maintaining customer trust as it is avoiding penalties, since consumers are making buying decisions based on how businesses maintain and manage their personal data.
The importance of data privacy
of U.S. respondents say a company’s ability to keep their data private is “extremely important.“ 1
will not buy a product from a company if they don’t trust the company to protect their data. 2
of consumers indicated it is extremely important that companies quickly take proper actions to stop a data breach. 3
The average expected cost of non-compliance is $14.82M, 2.7 times more than the cost of compliance. 4
Insurers have always known that a solid customer service strategy is a vital part of their industry, so they can retain customers, hopefully for life.
Rapidly evolving customer expectations and increasing competition have raised the bar for customer service, requiring organizations to rethink their approach and seek out creative solutions. The goal is clear: a seamless customer service environment where customers receive prompt resolution to their issues, agents have the resources they need at their fingertips, and the business sees real results at the bottom line.
Regardless of which regulation(s) apply to you, we’ll set you up for success by implementing a practical and scalable company-wide solution.
Many companies approach data privacy as one-time checklist. In reality, data privacy isn’t a series of boxes that can be checked, set aside, and revisited when a new regulation appears. In fact, data privacy shouldn’t strictly be about compliance, because compliance is a single moment in time.
Instead, we focus our data privacy approach on achieving readiness. Readiness is continuous. It’s an ongoing understanding of the data in your organization that keeps you aligned with existing regulations, prepared to respond to data requests, and ready for future regulations. Our approach to your data privacy involves:
We help you understand all the data in your organization. You get the complete picture: how and why your organization obtains data, how it's used, who uses it, where it’s stored, how long it's stored, etc.
We put processes in place to make sure you stay prepared. We ensure you have a governance plan in place to keep you prepared for future regulations.
Before the digital revolution of the early 2000’s, customer trust was based primarily on product quality. As our lives have moved online—socially, financially, medically, and more—this trust has shifted to focus on how companies handle data. In a study earlier this year, 451 Research found that 89% of consumers are concerned with protecting their personal data.
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