As the owner or manager of an enterprise, you may perceive data protection & compliance as a major cost centre for the organisation, as you are undoubtedly aware of your spending on data protection services and infrastructure. This is a common perception as is it is not always easy to quantify the tangible benefits of a data protection programme in financial terms. However, there are a great many benefits to maintaining comprehensive data protection and risk management programme for organisations of all sizes.
Top Reasons to Invest in a Data Protection Programme
Reduced risk of fines due to noncompliance
Increased efficiency in handling data subject requests
Marketing advantage and USP to customers
Improved employee & partner trust
Enhanced resilience against data breaches
Attractiveness to investors due to a clean track record
Acceleration of digital transformation
How does a Data Protection Programmes Help Your Enterprise?
Meeting Your Compliance Obligations
If your business operates across borders and joins the global marketplace, your organisation must meet obligations and commitments relating to all the locations you operate, including the varying laws, regulations, standards and policies that apply to your global business operations.
Regulatory compliance has two key elements:
· Local Compliance: Helps organisations expand their business within a single state or country. Businesses must comply with a host of regulations applicable to the state or country in which they operate, including the country's anti-corruption, employment, payment, and other commercial laws.
· Compliance with International Laws, Regulations and Standards: Ensures the organisation complies with applicable laws around the globe. Data protection and financial payment rules may apply across international borders.
Implementing an Information Security Management System
Every entity an organisation interacts with expects excellent protection when entrusting them with confidential data. But it’s no secret that data breaches often happen, and customer data may get exposed due to cyberattacks. Therefore, organisations should adopt comprehensive data protection policies and procedures.
Data Protection Programmes help organisations understand and document their compliance obligations through tactics such as establishing and implementing an Information Security Management System as described by ISO/IEC 27001. Additionally, the ISO/IEC 27002 standard provides proactive guidance on implementing an effective data protection programme aligning to industry best practices and international regulations.
These two standards can help to establish enhanced levels of protection, and organisations can be certified as compliant as a means of demonstrating their dedication to information security to customers, partners, investors and any other business stakeholders.
Demonstrating Cloud Security through ISO/IEC 27017
ISO/IEC 27017 is another standard which helps organisations identify and implement enhanced data protection controls specifically for their cloud services and customers. Unlike other technology standards, it presents a clear picture of roles and responsibilities enabling cloud services to be as safe and secure as an organisation’s on-premises infrastructure and data. By being certified to this standard, organisations can gain a competitive advantage by demonstrating they have robust controls for data protection in the cloud.
Protecting Personally Identifiable Information (PII) in the Cloud
Personally Identifiable Information (PII) is a prime target for cyber criminals as it allows them to engage in nefarious activities such as identity theft, fraud, and social engineering attacks. Hence, organisations need to protect PII to which they have access—whether that be from customers, partners, or their own employees. Based on an organisation's location or industry, there are specific regulations and standards for PII which help in prioritising the protection of sensitive data. This may include Payment Card Industry Data Security Standards (PCI-DSS), the General Data Protection Regulation (GDPR), the Health Insurance Portability and Accountability Act of 1996 (HIPAA) and the Criminal Justice and Immigration Act (UK). Compliance with these regulations reduces the risk of adverse publicity and fines due to data breaches.
Wrapping Up
For modern businesses, it is crucial to implement Data Protection Programmes which conform to trusted frameworks for information security, data privacy, and continuity of operations. Allendevaux & Company offers cybersecurity and data protection services provided by a team of experienced and certified industry experts to help customers ensure the security of their systems and data as well as maintain compliance with applicable regulations and best practices. Contact us to discuss how we can become your organisation's most trusted compliance partner.