Can data privacy compliance create more business opportunities?
CCPA is the latest regulation which should be a concern for all companies with California residents in their databases. There are less than 90 days left to be ready to comply with CCPA, on top of the other regulations.
The spread of data privacy regulations
According to Graham Greenleaf, Professor of Law & Information Systems, UNSW Australia and author of Global Data Privacy Laws 2019: 132 National Laws & Many Bills, the number of countries that have enacted data privacy laws in 2017-18 has risen from 120 to 132, a 10% increase. These 132 jurisdictions have data privacy laws covering both the private sector and public sectors in most cases, and which meet at least minimum formal standards based on international agreements.
Graham goes on to explain that at least 28 other countries have official Bills for such laws in various stages of progress, including 9 that have introduced or replaced Bills in 2017-18. Many others, in the wake of the GDPR and 'modernization' of Convention 108, are updating or replacing existing laws.
In my last blog, CCPA will be live in less than 3 months. Do you have a plan?, we covered why Government felt the need to create regulations. Your company can’t avoid them.
Data privacy: new rules for a new game
If you thought Data Privacy was the problem of your legal department only, you would be surprised how quickly it could come back to you. As a business person, what would be the impact on the image of your company and our sales if you were fined? As a data person, how long would it take your teams to answer 200 simultaneous requests for data access? Could you meet the deadlines?
Looking at solutions seems costly at first. Linking and governing all the data sources appears complicated, long and expensive. Adopting a data privacy mindset also means changing people’s behavior, enabling new standards and adding more rules.
Stay with me, it is not as painful as it sounds.
What to tell to the C-level suite
Transitioning your company to a data privacy routine will be a success with the right motivation. And what will make the C-suite happy? More revenue and a data-driven company. So, what does data privacy have to do with it?
Implementing Data Governance will require changing the way you manage data. After you discover and understand the diverse sources within your data landscape, you will use a data catalogue. The opportunity of a data catalogue lies in the data inventory automation, data integrity, data lineage, data and documentation. While moving your data into a data lake and a data warehouse with the right technology, you will be ensuring data quality, data access rights and anonymization at the speed your business needs.
When all your trusted data is available in one place, you will be able to withdraw the insights to create customized experiences for you customers. Besides, your customers will be willing to spend more for a personalized experience because, according to McKinsey Research, personalization can deliver 5 to 8 times ROI on marketing spend and lift sales by 10%.
So, who said Data Privacy was a burden? Protecting your company while increasing the revenues can’t wait. Let’s start now! We have a solution we developed with our partner Prolifics you may find valuable.