Data privacy is one of the most important issues facing organizations. Alongside data being produced and digitized in record amounts and consumers becoming increasingly concerned with their individual right to privacy, organizations must learn to navigate a regulatory landscape that shifts on an almost daily basis.
Recent data privacy regulations like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have changed the way 88% of organizations approach their data protection strategy. In fact, 72% say compliance, governance, and data regulations are a higher priority now than they were 12 months ago. And for nearly 50% of organizations, governance and compliance regulations are among the top-three motivators when structuring their data management strategy for the digital workplace.
But keeping up with new and emerging rules and regulations isn’t easy. 90% of organizations say they encounter challenges when it comes to managing compliance, governance and data regulations. Specifically, 45% struggle with managing large volumes of data, 40% lack knowledgeable personnel, and 38% are faced with technological challenges, such as outdated architecture.
The only way to ensure compliance with the latest data privacy regulations is to join the 99% of organizations that are already taking action and the 82% who plan to increase their investment in regulation management. According to the Virtru-sponsored Securing the Digital Workplace report, business leaders identified the following as the top ways to manage compliance, governance and data regulations:
Right now, there are more than 50 data breach notification laws across the U.S. alone, all with different timelines and requirements. Lack of compliance with these laws and regulations could result in fines costing thousands of dollars per violation—or more. For example, the penalty for not complying with the CCPA is a fine of $2,500 per individual whose privacy rights were violated, but this fine jumps to $7,500 per individual if the violation is intentional. Statutory damages range from $100-750 per plaintiff.
While the fines for these violations may vary, focusing on making them impactful enough to alter behavior toward a stronger security posture will usher in the change needed to keep data private and secure. As the industry shifts toward a universally stronger security posture, the Federal Government has instituted 10 Data Principles that serve as motivational guidelines in the areas of Ethical Governance, Conscious Design, and a Learning Culture. These principles aim to strengthen the protection of personal information, as well as how information is managed.
With this in mind, it’s important to find a data protection solution that addresses the data privacy challenges your organization is facing and that fits into your existing data sharing workflow. Look for one that provides the right technology features—such as encryption, key management, and access controls—to help you manage your data in the cloud and comply with data privacy regulations.
Get in touch with us to learn how Virtru can help with your data privacy compliance initiatives today. Our CCPA compliance checklist is also a great place to start!
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