Navigating through organizational obstacles to help deliver the Data Protection, Privacy, and Ethics clarity
A retail company undertook a project to focus on various aspects of US privacy law requirements (e.g., automated profiling, privacy signals, etc.). Wavestone drove the reinforcement of project management capabilities to support privacy compliance to meet the enforcement deadline for the recently amended CPRA.
Wavestone's mission and benefits
The program resulted in formalized goals to reach based on applicable requirements, development of a plan to implement practices in line with identified requirements, coordination with key stakeholders to bring momentum, raise awareness, and drive execution of the plan, and a monitoring system of the execution progress.
Wavestone's vision and value
In the digital age, the proper handling of personal data, intellectual property, and supervisory information is crucial, as there is an increased risk of privacy violations, data breaches, and ethical dilemmas. To maintain trust between individuals and organizations, it is essential to have robust data privacy and protection practices, as well as ethical frameworks that guide responsible data practices.
As an example, Wavestone’s latest Data & Analytics executive survey has shown less than half of organizations have established policies and practices governing data privacy and protection measures and AI ethics. Only 23.8% of data executives believe that the industry has done enough to ensure responsible data and AI ethics standards. Failure to prioritize data privacy and protection can lead to significant repercussions for companies, such as loss of user trust, lawsuits, and regulatory investigations.
According to Gartner, “By 2023, 65% of the world’s population will have its personal information covered under modern privacy regulations, up 10% from 2020.”
Companies must determine how to handle data protection, privacy, and ethics to cultivate customer trust and comply with prevailing data privacy and protection regulations, such as GDPR, CCPA/CPRA, and HIPAA.
Wavestone can help organizations ensure compliance by providing a deep understanding of the regulatory and legal frameworks surrounding data privacy, protection, and ethics. Moreover, we can help clients develop and implement effective data protection and privacy policies, procedures, and best practices for data management. These efforts can include:
- Anticipating new trends in the fight to protect an organization’s data
- Defining strategies to protect data that is consistent with the risks, challenges, and organizational impacts of a business
- Identifying vulnerabilities in business processes and business applications
- Determining what information is sensitive and creating procedures for labeling data
- Implementing controls for data protection and privacy, such as DLP; encryption of data at rest, in use, or in transit; data flow encryption; e-DRM; physical and container-level encryption
- Developing enterprise policies that outline the principles, values, and standards of behavior that a business expects from its employees, stakeholders, and partners
- Creating data cleansing procedures and policies for data protection, privacy, and a cleansing taskforce
Holistic View of Data Management
Our comprehensive approach to data management ensures critical capabilities, such as data protection, privacy, and ethics, are included in your data practices.
