for Data Compliance
Learn how data mapping can help organizations comply with the General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), and other data privacy regulations.
Organizations collect data at a record rate to support everything from improving customer experience to driving operation cost efficiency. As companies collect and process more data, the complexity of managing all the information and ensuring it is secure has also increased exponentially. Simultaneously, there is no end in sight for the proliferation of new international and US state data security laws. Accordingly, boards are asking how the organizations they serve are prepared to deal with these evolving privacy regulations and maintaining compliance with GDPR, CCPA, Health Insurance Portability and Accountability Act (HIPAA), and Gramm–Leach–Bliley Act (GLBA), to name a few.
To achieve compliance and security, a chief ethics & compliance officer needs to understand his or her organization’s data flow and data management system to adhere to the many privacy laws, safeguard business-critical data, protect their reputations, and avoid hefty penalties.
The Growing Challenges of Keeping Data Safe and Compliant
The rapid adoption of data technologies, such as artificial intelligence, Internet of Things (IoT), and cloud-based storage, has increased the volume of data and made it harder to know where the data came from and where it is going.
This lack of visibility has increased the risk concerns for many compliance officers regarding their ability to demonstrate compliance with the rules related to the collection, transfer, storage, and destruction. The dramatic rise of remote working due to COVID-19 safeguards has made it more difficult than ever for organizations to keep track of all the data that passes through or where it is stored inside and outside their systems.
Knowledge regarding your organization’s information technology (IT) infrastructure and how new technologies (e.g., internet of things, data lake, edge computing, 5G, machine learning) are being, or are planned to be, deployed is critical. The first step to gaining this knowledge is to establish an inventory of all the data under your control. You need an inventory that includes what you use the information for, how and where it was collected, where it is located in your data sphere, who has access, and how long you should retain it.
Data mapping gives you the answer to all those questions and more. Besides providing a map for better planning and control, knowing where data is located and used equates to a lowered financial toll should a data breach occur. Breach occurrence has continued to plague both the government and the private sector. The SolarWinds breach and ongoing ransomware incidents in 2020 and 2021 are indicators of how vulnerable we are. With a data map, a major breach will cost 40%–50% less simply by the enhanced ability to analyze and respond regarding the breach event.