Before we understand data privacy management software, we must understand what data privacy is. Data privacy or information privacy is part of the field of data protection that deals with adequately handling data, emphasizing compliance with data protection regulations.
What is Data Privacy?
Before we understand data privacy management software, we must understand what data privacy is. Data privacy or information privacy is part of the field of data protection that deals with adequately handling data, emphasizing compliance with data protection regulations.
( General Data Protection Regulation GDPR)
Data privacy concerns how data should be gathered, stored, managed, and shared with other parties while adhering to existing privacy rules (e.g.California Consumer Privacy Act – CCPA or General Data Protection Regulation (GDPR).
Data privacy and data security create a data protection domain with protected usable data as output.
Proper data processing is not the main emphasis of data privacy; public expectations for privacy rights are also critical.
Data privacy has three main elements:
- First, Individuals have the right to privacy and control over their data.
- Procedures for proper handling, processing, collection, and sharing of personal data.
- Comply with data protection laws.
Why is Data Privacy Important?
The biggest reason companies should take data privacy seriously is to avoid hefty fines. Companies that fail to comply with these data privacy regulations face fines of $10 million or more. Organizations may even be subject to a 20-year penalty. However, there are many reasons why you need to take data privacy seriously, and not just because the law says so.
Data breaches can damage your business.
To comply with data privacy regulations, you must meet specific legal requirements. Implementing strong security safeguards to ensure data privacy is one of these requirements.
When you take these necessary steps, the threat of a security breach decreases exponentially. This is great because you don’t suffer a loss of income.
With these measures, you will significantly reduce the number of security threats, and your business will not suffer a loss of revenue. ThisThe average data breach cost is $8.19 million, which can be easily avoided with proper regulations.
Protect customer privacy
As mentioned earlier, data breaches can result in the theft of valuable customer information. So, naturally, this negatively affects data owners. In addition, hackers can use all this sensitive information to commit various crimes, such as identity theft and credit card fraud.
Maintain and enhance the brand value
Avoid data breaches, as they can damage your company’s reputation and brand value. When customers voluntarily provide data to companies, they expect it to be adequately protected. If this is not the case, customers will lose all their trust in the company and the brand, reducing brand value.
It supports a code of ethics.
Most organizations have a code of ethics in place. Even those who don’t have it follow at least some ethics. With this, they can continue in business. For example, one of the policies states that confidential information needs to be handled responsibly and only for commercial purposes.
It gives you a competitive advantage.
Many people are concerned about how their data is used and processed. Last year found that 75 percent of Americans say new regulations should be in place to govern what companies can do with personal data. Additionally, 70% of adults say their data is less secure than it was five years ago.
If your business complies with data privacy regulations, it will give you a competitive advantage over companies that don’t take the matter seriously.
What is the Legal Definition of Data Privacy?
While not the first privacy regulation, the GDPR is the most comprehensive and breakthrough data protection law representing how data is created and managed in current day-to-day business operations in the new digital age.
Whether GDPR or other data protection laws such as the Health HIPAA, the California Consumer Privacy Act (CCPA), and the Children’s Online Privacy Protection Act (COPPA) all include specific criteria of what define data privacy.
Data security is not the same as data privacy.
Data privacy and security are required to protect data and meet data protection legislation. These terms may mean the same thing, but they don’t. When you compare the two, you can see how different they are.
Data Privacy definition
Data privacy focuses on the rights of individuals, the purposes of data collection and processing privacy preferences, and how organisations manage the personal data of data subjects.
Focus on collecting process sharing files, and deleting data according to law.
Data Security definition
Data security includes the set of standards and different safeguards and measures that organizations implement to prevent unauthorized access to digital data by any third party or any intentional or unintentional alteration, deletion, or disclosure of data.
It focuses on protecting data from malicious attacks and preventing exploitation of stolen data (data breaches or cyber-attacks). It includes access control, encryption, network security, and more.
What is More Critical to Your Organization?
Imagine that your company employs all necessary means and available measures to protect data but fails to collect that data on a valid legal basis, thus introducing a thorough approach to data security. This violates data privacy, no matter what measures are taken to protect your data. This example shows us that data security can exist without data privacy, but not the other way around. That’s why data privacy management software is essential.
What is Data Privacy Management Software?
Data privacy management software provides a comprehensive solution for users to manage their company’s privacy programs. These include responding to consumer or data subject requests (DSR/DSAR) and mapping sensitive data. Data privacy management software such as IBM OpenPages Using Watson Data Privacy Management (DPM) To achieve and maintain compliance with privacy laws and regulations. Employees such as privacy administrators are typical users of data privacy management software. However, the workflows provided by these robust solutions allow other employees (such as IT teams) across the enterprise to work and Collaborate on consumer or DSR/DSAR requests for data access modification or deletion. In addition, businesses use data privacy management software to automate manual processes, provide visibility and leverage reporting tools to manage a company’s privacy program.
These platforms include a centralised dashboard with modules related to DSR/DSAR management data discovery and mapping. For data discovery, some software solutions provide automated data discovery methods, others may give workflows to manage data discovery methods based on manual investigations, and some Software providers may offer manual and automatic discovery methods. Many data privacy management software also has the following features: authentication software native in the applicable privacy Impact Assessment (PIA), SoftwarePrivacy policy generator cookie and website tracking compliance, and data breach notification capabilities.
Products in the data privacy management category typically focus on the specific country or region-specific data privacy regulations they support. Examples include the General Data Protection Regulation (GDPR) of the European Union, the California Consumer Privacy Act (CCPA), and others.
Defend your organisation’s data
SEQRITE Data Privacy Management Software is a comprehensive solution that helps organizations to comply with data privacy regulations. It provides a centralized platform to manage and protect sensitive data while ensuring compliance with laws such as GDPR, HIPAA, and PCI DSS. SEQRITE Data Privacy Management Software is an essential tool for any organization that handles sensitive data.
SEQRITE Data Privacy Management Software has several characteristics that make it an indispensable tool for data privacy compliance.
- First, it offers a centralized platform for managing and protecting sensitive data. This allows organizations to easily track and monitor access to sensitive data and ensure that only authorized individuals have access to it.
- Second, SEQRITE Data Privacy Management Software provides several features that help organizations to comply with data privacy regulations. These features include creating and enforcing policies governing the use of sensitive data and monitoring and auditing access to sensitive data.
- Finally, SEQRITE Data Privacy Management Software offers several tools that help organizations to respond to data privacy incidents. These tools include the ability to investigate and resolve incidents, as well as the ability to notify affected individuals and regulators in the event of a breach.
SEQRITE Data Platform provides unparalleled precision in data protection. This solution, with 98% accuracy, assists you in discovering data no matter where it sits, automating procedures, and cataloguing your data for more efficient access. Contact us today to witness the platform in action. As a result, our professionals can meet your organisation’s security demands with scalable solutions and a data-centric strategy for privacy and security.
