Your customers and potential customers share data with you every day. Whether it’s an email address or more in-depth information like a shipping address or credit card information, they expect you to protect what they share.
Originally published at www.iapp.org In the wake of several major data security breaches and increasing regulatory pressure on companies to protect confidential information, building an effective privacy program is crucial. Privacy practices are rapidly developing in all sectors and industries, and while non-compliance with the numerous industry, state, federal, and international regulations can cut heavily into profit margins, the effects of a data security breach can kill relationships with customers, vendors, and even stakeholders. According to the Federal Trade Commission, an effective privacy program “addresses the privacy risks related to the development and management of new and existing products and services for consumers; and protects the privacy and confidentiality of personal information.”
Identifying changes that must be made is the easy part. Managing those changes successfully—not so simple! Organizations today need to be extraordinary at adapting to or influencing changes in technology, policy, and procedure. Those who adjust well aren’t phased by the fast pace of the market or the constant evolutions in technology and security standards. Those who struggle with change constantly operate in a reactive state, and fail to properly strategize their business moves.
CIOs have a unique vantage point over their organization. From where they sit, they see efficiencies, pain points, and potential weaknesses across all departments. This level of visibility is invaluable in today’s intricate, technology-driven, and information-rich business landscape.
With a majority of business operations riding on the shoulders of technology today, the success of one requires the coordination of many. That means a lot of vendors are involved in the handling and care of your sensitive data. How can companies ensure that the volumes of vendors they work with are compliant with all industry regulations and are properly protecting their business data?
Even if you have the greatest product in the world, it won’t sell if no one knows about it. You’ve got to invest in the proper promotional channels to get the word out. The same principle applies to an organization’s compliance program.
Let’s face it — compliancy isn’t what it used to be. With mounting pressure for companies to embrace innovative technologies to maintain competitive edge, the compliance landscape has become extraordinarily complex, and compliance leaders aren’t the only ones stressing about it. In a recent Robert Half Management Resources survey, more than 2,200 CFOs in the United States admitted that meeting regulatory compliance mandates is their second biggest stressor, right behind staying current with technology.
Whether it is shoes, real estate or professional services, capitalism means for competition among suppliers in ways that are both healthy and necessary. For consumers, competition also provides a reasonably reliable measurement of equilibrium between what is offered and what is required for goods or services: the price.