Data compliance is swiftly becoming the need of the hour for businesses thinking to step ahead of the competition. However, building the future of data compliance requires stringent data privacy and security policies and best practices.
\nWe live in a digital-first era where data is the fuel to keep businesses up and running. But the way brands use this data makes all the difference.
\nUnlike the conventional times when brands used to collect heaps of customer data without their consent, organizations must first build trust in clients before expecting even a bit of detail.
\nCustomers are already interacting with brands like Google, Amazon, and Apple, so they know what a great user experience is. Also, they’re aware of their privacy rights since global data and privacy regulations are becoming increasingly stringent.
\nSo, if a business isn’t building trust in potential clients by offering reliable data security and privacy, it would lag behind its competitors.
\nLet’s look at some aspects that can help organizations stay ahead of the curve by leveraging digital privacy for compliance management.
\nData compliance could be defined as identifying the applicable governance for customer/user data security, protection, management, storage, etc., and helps establish strategies with protocols to ensure data is secure from unauthorized access and usage.
\nIn a nutshell, data compliance law states how organizations (regardless of their industry) meet regulatory and legal requirements for collecting, processing, and maintaining personal information.
\nA breach in data privacy can lead to legal consequences and may be followed by investigations and fines.
\nBut why do organizations need to immediately think about invoking the true potential of data compliance and privacy?
\nWell, consumers or employees can respond with civil lawsuits whenever their privacy is compromised while an organization collects and processes personal information.
\nApart from this, data and privacy compliance laws and regulations help protect consumers in different countries by ensuring data is handled appropriately.
\nOne of the biggest reasons organizations must comply with privacy regulations is to avoid heavy fines. The ones that don’t implement the privacy regulations could be fined up to millions of dollars and face penalties for years.
\nDue to increased regulations, including the EU’s GDPR and the United States’ CCPA, that protects unauthorized access to crucial data, privacy compliance is now crucial for every business.
\nAlso, the increased number of cybersecurity threats pertaining to customers’ crucial information has impacted businesses; businesses must incorporate a robust security mechanism for better protection.
\n\n","frontmatter":{"date":"August 31, 2022","updated_date":null,"title":"What Brands Need to Know for Building the Future of Data Compliance?","tags":["data privacy","enterprises","compliance"],"coverImage":{"childImageSharp":{"fluid":{"aspectRatio":1.8518518518518519,"src":"/static/e2f2d0b221e8e5132eca8a7d9f821762/33aa5/compliance.jpg","srcSet":"/static/e2f2d0b221e8e5132eca8a7d9f821762/f836f/compliance.jpg 200w,\n/static/e2f2d0b221e8e5132eca8a7d9f821762/2244e/compliance.jpg 400w,\n/static/e2f2d0b221e8e5132eca8a7d9f821762/33aa5/compliance.jpg 768w","sizes":"(max-width: 768px) 100vw, 768px"}}},"author":{"id":"Rakesh Soni","github":"oyesoni","avatar":"rakesh-soni.jpg"}}}},{"node":{"fields":{"slug":"/identity/data-privacy-immediate-enterprise-priority/"},"html":"Amazon’s sub-par data management story about its retail platform, if anything, is a cautionary tale . The lapses in understanding how and where data is stored had severely affected how information is managed and secured. In turn, it caused security shortfalls and unnecessary privileged access that rogue employees and sellers had exploited.
\nThe opinionated notion of thinking of data security and privacy programs as cost centers has to be questioned and rethought. While such programs do not seemingly contribute to the profits generated by an enterprise, the adverse effects on the topline when such programs fail are visible in too many examples, mostly in terms of lost consumer loyalty and revenue growth. Inversely, data privacy and security today are fundamental to building and operating a successful enterprise that is sustainable in the long term.
\nOverall, security and privacy are interdependent. Accordingly, enterprise leaders should support such programs as not something to be performed but a priority to be managed with appropriate investments of capital and resources.
\nAn enterprise’s good track record with information security and consumer-focused privacy management can heighten brand value and strengthen market positioning in the current business landscape. Consumers, who have significantly been affected by data breaches, are concerned about what data they share and with whom, as data — either personal or transactional — is ever becoming critical to how consumers live and businesses operate.
\nIn this new paradigm, the amount of data is also growing exponentially. This phenomenon is making the data management practices and technologies that was widely used a few years ago ineffective, necessitating enterprises to rethink data management strategies and deploy emerging technologies to prepare for and overcome challenges.
\nAll this implies that data management programs have to consider information security and consumer data privacy as fundamental to their success and contribute to an enterprise's topline.
\nBut, how can enterprise leaders navigate this paradigm shift?
\nIn my short yet insightful eBook on data privacy, enterprise leaders will get in-depth insights and much-needed perspectives on managing data security and privacy.
\n\nThe chapters are as follows:
\nIn detail, I have organized the eBook into chapters mentioned above in addition to an Executive Summary intended for senior executives for a brief overview.
\n\n","frontmatter":{"date":"July 27, 2022","updated_date":null,"title":"Why is Data Privacy an Immediate Enterprise Priority?","tags":["data privacy","enterprises","regulations"],"coverImage":{"childImageSharp":{"fluid":{"aspectRatio":1.342281879194631,"src":"/static/77d3a9854f69435d10d4960b59e05fbd/33aa5/dg-privacy.jpg","srcSet":"/static/77d3a9854f69435d10d4960b59e05fbd/f836f/dg-privacy.jpg 200w,\n/static/77d3a9854f69435d10d4960b59e05fbd/2244e/dg-privacy.jpg 400w,\n/static/77d3a9854f69435d10d4960b59e05fbd/33aa5/dg-privacy.jpg 768w","sizes":"(max-width: 768px) 100vw, 768px"}}},"author":{"id":"Rakesh Soni","github":"oyesoni","avatar":"rakesh-soni.jpg"}}}},{"node":{"fields":{"slug":"/growth/digital-trust-business-invest-2022/"},"html":"The modern digital business landscape ensures a rich consumer experience that keeps customers loyal. However, that’s not the only way to earn trust; the critical role of digital trust in adequate security can’t be overlooked.
\nStatistics reveal that around 1,387,615 identity theft complaints were filed in the United States in 2020. And these numbers are rising exponentially every year.
\nBusinesses must reinforce their overall information security infrastructure, ensuring that crucial business information and customer details are secure.
\nWhether we discuss securing access control or rethinking privacy policies, businesses skipping a small step in protecting customer information could lead to losses worth millions of dollars and reputational damages.
\nApart from this, cybercriminals are hunting for customer identities that can be impersonated to steal sensitive business information, which can be further exploited for financial benefits.
\nUndoubtedly, investing in secure experiences isn’t a luxury anymore; it’s necessary for businesses offering online services through a website or a mobile application.
\nLet’s uncover aspects of digital trust and where businesses need to invest to earn digital trust in 2022 and beyond.
\nToday, the competition in every niche is neck-to-neck. And customers have endless options to choose from. Hence, businesses must ensure they aren’t losing a single potential customer because of poor information security hygiene.
\nBesides, global data privacy and security regulations are becoming more stringent. If an organization isn’t complying with privacy and security regulations, including the GDPR and the CCPA, it’ll have to face penalties and reputational damages.
\nAlso, if a business faces any kind of data breach or customer identity theft, they’ll lose trust in their clients and potential clients. And this isn’t good from a business growth perspective.
\nIn a nutshell, any loophole in managing customer information can adversely impact customer loyalty, brand equity, and financial performance.
\nHence, it is essential to ensure digital trust in customers/users sharing their details.
\nEarning digital trust isn’t a piece of cake. Businesses should understand that their customers always expect a great user experience coupled with the assurance of robust security to their personal information.
\nHere are some information security best practices that can be incorporated into a business to build trust in customers and potential customers.
\nMulti-factor authentication (or MFA) is a multi-layered security system that verifies the identity of users for login or other transactions.
\nThe user account will remain secure by leveraging multiple authentication layers, even if one element is damaged or disabled.
\nCodes generated by smartphone apps, answers to personal security questions, codes sent to an email address, fingerprints, etc., are a few examples of multi-factor authentication implemented in day-to-day scenarios.
\nOn the other hand, multi-factor authentication is considered one of the most efficient ways of providing improved security in recent times. The multiple layers ensure that users demanding access are who they claim to be. Even if cyber criminals steal one credential, they'll be forced to verify identities in another way.
\nWith the world heading toward more criminal sensitivities, using multi-factor authentication as part of your consumer identity and access management (CIAM) platform helps you build and maintain solid consumer trust.
\nIntroducing Single Sign-On (SSO) to your customers can offer greater security and improved usability, which are two of the many critical benefits of SSO.
\nNo one likes remembering credentials. Many use the same username and password, irrespective of the application. They exert a lot of pressure on the memory.
\nThis is where the Single Sign-On technology comes into focus and works like a breeze.
\nSingle Sign-On (SSO) is a method of authentication that allows websites to use other trustworthy sites to verify users. Single sign-on enables users to log in to any independent application with a single ID and password.
\nSSO is an essential feature of an Identity and Access Management (IAM) platform for controlling access. Verifying user identity is vital when it comes to knowing which permissions a user will have.
\nThe LoginRadius Identity platform is one example of managing access that combines user identity management solutions with SSO solutions.
\nRisk-based authentication is a non-static authentication system that considers the profile(IP address, Browser, physical Location, and so on) of a consumer requesting access to the system to determine the risk profile associated with that action.
\nThe risk-based implementation allows your application to challenge the consumer for additional credentials only when the risk level is appropriate.
\nIt is a method of applying various levels of stringency to authentication processes based on the likelihood that access to a given system could result in compromise. As the level of risk increases, the authentication process becomes more complicated and restrictive.
\n\n","frontmatter":{"date":"June 28, 2022","updated_date":null,"title":"Earning Digital Trust in 2022: Where Should Businesses Invest?","tags":["digital transformation","customer trust","enterprises"],"coverImage":{"childImageSharp":{"fluid":{"aspectRatio":1.408450704225352,"src":"/static/941cb63b5638ac5547f7f78216540fb8/33aa5/digital-trust.jpg","srcSet":"/static/941cb63b5638ac5547f7f78216540fb8/f836f/digital-trust.jpg 200w,\n/static/941cb63b5638ac5547f7f78216540fb8/2244e/digital-trust.jpg 400w,\n/static/941cb63b5638ac5547f7f78216540fb8/33aa5/digital-trust.jpg 768w","sizes":"(max-width: 768px) 100vw, 768px"}}},"author":{"id":"Rakesh Soni","github":"oyesoni","avatar":"rakesh-soni.jpg"}}}}]}},"pageContext":{"tag":"enterprises"}},"staticQueryHashes":["1171199041","1384082988","2100481360","23180105","528864852"]}