Organizations can analyze customer data in compliance with global data privacy laws
Analyzing customer data is an excellent way for organizations to identify opportunities to increase the value they provide their customers and gain a competitive advantage in the marketplace. By leveraging data throughout their organization, they can create products, services, and strategies that deepen customer relationships and ultimately increase market share.
However, a multitude of local and national laws require organizations to protect customer data from hacks, leaks, and other instances of mishandling in countries where they collect it. Governments around the world are implementing new security and privacy regulations in 2019 and beyond. Some of these laws can even compel organizations to provide private customer data to their governments on demand, making it more challenging for organizations to maintain their customers’ trust. Failure to comply can result in stiff penalties and long-lasting consequences.
A recent study found that roughly 20% of files including sensitive information are not protected within organizations. Each individual file that is unprotected is like a ticking time bomb ready to explode with fines and lost customer trust for the companies to which they belong. In addition, information loss accounts for in cyber-attacks, placing organizations in further long-term peril when they are hacked.
Organizations must navigate a complex regulatory and security environment in order to benefit from using customer data for analytics without running afoul of laws throughout the world or losing customer trust. It is a tightrope walk.
How to maintain privacy and compliance while collecting and analyzing data
Our solutions help organizations maintain privacy balance as they cross data security pitfalls by architecting solutions that guarantee privacy and compliance. Specifically, we ensure that sensitive data cannot be accessed in the clear in any location other than where it was collected, while also allowing it to be analyzed anywhere.
The key is implementing central data control with local data management. Our patented technology isolates ‘domains’ such as a specific country, organization, or silo within an organization; data from these domains cannot be accessed except by specific people and only in specific circumstances.
The benefits of Internal Security ‘as-a-Service’
Privacy protection and regulatory compliance are not the only benefits of our solutions. Global organizations can also benefit from an internal security ‘as-a-Service’ data privacy and compliance solution that’s customized to their unique needs – because it inverts the labor model of building a data security infrastructure internally, it creates a lower total cost of ownership. Our solution can also be deployed rapidly, shortening the timeframe in which an organization can achieve compliance and as a result, the costs and risks of data collection and analysis go down.
One area where this technology is particularly useful is in the financial industry, where global banks find themselves in competition with agile FinTech-based companies. Big banks often lag behind FinTechs which are quicker to implement artificial intelligence, machine learning, and other cutting-edge technologies.
Banks can gain a competitive advantage over FinTechs by analyzing data on a global scale to create products and services that target customer wants and needs directly. The greater the amount of data they collect and the greater the diversity of the data, the more they can tighten up their targeting toward specific market segments and consumer groups to compete with FinTechs.
Finance, however, is not the only industry that benefits from this model; internal security ‘as-a-Service’ will benefit organizations in any industry by helping them save money and resources to protect and analyze data within a reasonable timeframe and with lower risk than doing it on their own.
We provide global organizations a data privacy and security infrastructure that’s simple and cost-effective. These organizations benefit from increased business efficiencies, shortened timeframes to compliance, and an easy, elegant means to achieve data protection.
*** This is a Security Bloggers Network syndicated blog from Blog – Protegrity authored by protegrity. Read the original post at: https://www.protegrity.com/saving-the-worlds-data/