Mitigate Privacy Risks and Exploit Valuable Data with ECM
The more technologically advanced the world gets, the more there is a need for Privacy Risk Management.
Over the past 5 years, there has been a huge cultural and legal shift in the way consumers view and secure their personal data online that’s in line with the rise of latest technologies like AI, Robotics, 5G, and paperless Initiatives.
As the world’s population becomes more advanced in the use of technology, there is huge concern about the increasing rate of data privacy incidents. Examples include the 2017 Equifax hack and the Cambridge Analytica gaming of consumers’ social media data for political purposes. These incidents have pushed policymakers to strike back and defend the consumers’ interests.
Europe’s General Data Protection Regulation (GDPR) was landmark privacy legislation and the first major effort by legislators to offer consumers more legal protections. The California Consumer Privacy Act (CCPA), which came into effect in January 2020, marks the first similar step in the United States.
In meeting their demands, many enterprises today are dealing with both a diverse storage infrastructure and multi-cloud architecture. As organizations look to drive deep insights from enterprise data, the effort in finding that valuable data has become increasingly complex.
Due to massive data growth and increasing data privacy regulations and country specific regulations, organizations will struggle to maximize value while trying to reduce risk and cost associated with their data. The average cost of a data breach in the USA is $7.91 million and worldwide a regulatory alert is being sent out every seven minutes, according to Gartner.
To address these issues, organizations are either manually sifting through data to find the information needed or avoiding the problem altogether. The first option is extremely time- and resource-intensive with a high potential for error, and the other will lead to increased data complexity, potential non-compliance and inefficient budget spend.
Data privacy is key in the financial sector
For firms in the financial services sector, finding an answer to this problem is a vital, immediate source of pressure. Regulators and clients will brook no excuses, frankly, if they fall short.
The solution for many is adoption of a robust enterprise content management (ECM) system, especially one purpose-built for organizations within the finserv sector. These can provide complete control over the capture, indexing, archival, retrieval, accessibility, delivery and retention of every item of business-critical information in your organization via a secure central repository.
The benefits an ECM solution delivers can help enterprises meet the data privacy and risk management challenges they see as being most important to their survival and success. Some of the key capabilities of a best-in-class solution include the ability to unify siloed information by tying disparate systems together, increase employee’s productivity by being single source of truth for all content throughout the organization, enhanced data security and disaster recovery, the ability to equally store and preserve data as well as remove it in compliance with legal and regulatory guidelines.
Rising above the flood of data (and data privacy regulation)
Recognizing the data privacy challenges in today’s changing environment, many organizations are looking for a comprehensive digital information intelligence solution like ECM. While most current solutions do not offer the unified digital information management capabilities that are needed, the best contenders offer clear insight into data – giving organizations the confidence to eliminate unnecessarily kept data, mitigate data privacy risk, and exploit valuable, business-critical information.