How To Comply With Data In Five Steps
Discover five techniques to achieve data compliance quickly.
Data privacy rules have advanced significantly in recent years. IT managers and business owners must maintain compliance because these laws will only get more complicated. Ensuring all regulations are up to date will help your business avoid serious legal problems. Understanding these laws is necessary to safeguard your program, says Adrian Knapp, CEO & Founder of Aparavi.
In recent times, data privacy laws have become much more advanced. These laws are only becoming more complex, so IT managers and business owners need to stay compliant. Your company can avoid serious legal issues by ensuring all rules are up to date. These laws need to be understood to protect your software.
Protecting your software can be made easy with automated systems. These systems are continuously updated to follow advancements within privacy laws.
Poor compliance management practices are costly and high-risk for your business. According to GlobalScape’s The True Cost of Compliance with Data Protection Regulations, organizations lose an average of $4 million in revenue due to a single non-compliance event. They also state that organizations spend $5.47 million on compliance compared to an average of $14.82 million for non-compliance. Many businesses believe they can manage their data compliance independently but don’t realize the risks in what doing so might mean for the company. Automated systems take the stress out of compliance crises that your business can endure.
Here are five suggestions for beginning your journey to achieve data compliance.
1. Decide Which Laws are Relevant to You
It is important to note that the same rule does not apply to everyone. You will need to understand your data to manage it and approach compliance. Compliance is not just tied to your geographic location. If your company is abroad, you will need to make sure also to be informed of the laws there.
Five regulations inspire businesses to take control of their compliance approach. The GDPR sets guidelines for collecting data on European citizens from individuals outside Europe. This regulation went into effect in 2018 when the European Union enacted it. The fees for violating these regulations are extremely high, and most stem from violating particular articles of the regulation. For example, article 6 involves consent and the purposes of data collection. If collecting data for unnecessary reasons, your business can be charged up to €20 million or 4% of annual global turnover. Fees will vary on how severe the offense was for violating these regulations.
Another effective regulation is the CCPA, California’s Consumer Protection Act, which went into effect in January 2020. The CCPA is crucial because it is the most robust law in the United States. Companies in California, along with third-party suppliers or service providers, must be able to show CCPA compliance. If private data is exposed, you will be fined up to $7,500 per record. This is if the violation was intentional, such as not telling customers that you are collecting their data or even selling a customer’s data. You could be fined up to $2,500 per record if it was an unintentional violation.
See More: 3 Tips to Navigate the Risk of CCPA Data Non-Compliance
2. Regulate and Identify Files
The next step is to identify the files that are subject to regulations. Since companies today produce so much data, it is nearly impossible to stay on top of your files without an automated system. An automated system can help ensure that your company is proficient and safe.
You are almost guaranteed to miss files in your assessment if you have an incomplete picture of your data. Regarding data privacy compliance, insufficient files will put your company at risk.
3. Determine Higher Level Access
After locating your data, you must determine the best way to secure and achieve compliance. One way to do this is to identify the employees in your company that should have access to essential files. To keep your company safe from data compliance, keeping some employees from accessing every file is best.
Once you have determined who should have higher-level access, you should then make sure to map out your company’s new security parameters. This should be done immediately for data safety purposes. You can use automation to speed up the process.
4. Continue to Implement New Laws
Imagine having a platform that can apply protocols and access restrictions to data as it enters your system. Your company can use automation to teach your software to manage your data. An automated platform will make things much more organized and secure for your company.
After implementing everything you have just learned, you will want to ensure that your new data abides by the same standards you have set. A software tool will make things run seamlessly for your company.
5. Stay on Top of Changes in the Laws
It is always good to review data privacy laws to ensure that regulations are followed. Data privacy is constantly evolving, so it is essential to be aware of changes in the laws, which is what data management platforms can help with. When you install the automated system, it will make compliance simple.
Why put your company at risk when you can install a system that can keep track of the laws for you?
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