Redefine Data Privacy to Conquer Compliance & Earn Consumer Trust

By Marc Fuentes | July 28, 2021

We may have weathered LIBOR and GDPR, but what has become evident in recent months is that the wave of new data privacy regulations is only swelling.

The digital shift has made it easy to shop online and manage our lives virtually, enticing global companies to attract customers from other countries. As a result, personally identifiable information (PII) is being shared in every direction, regulatory pressure is surging, and enterprise oversight is doubling.

Companies that don’t have a firm handle on securing PII data risk fines, damage to their brands, and broken consumer trust.
 
According to Cisco, 84% of users care about the privacy of their data. Over 50% of them would switch companies because of their data policies or data sharing practices.
 
Meeting global privacy regulations involves discovering and managing PII data in all its forms. If leaders are bogged down with expensive manual processes to find relevant PII, they face an uphill battle to remediate it against each new requirement. Moreover, manual efforts are often prone to human error, which is particularly risky when meeting data compliance regulations.
 
An Accenture study suggested that a $30 billion retail company could lose $4 billion in future revenue following a material drop in trust.
 
A robust technology solution will enable chief data officers to meet compliance requirements head-on while securing and utilizing PII to improve business performance. Read on to learn how to adapt your data privacy and PII compliance protocols to make them worthy of your customers’ loyalty.
 
Citizen Data Protectionism
 
Legislation referencing PII, “personal information,” or “sensitive data” continues to expand as more governments regard privacy as an essential human right.
 
Take Brazil, for instance. The country recently issued Lei Geral de Proteção de Dados, its version of the GDPR. Many other countries have modeled their privacy laws after GDPR because of its explicit requirements for consumer consent. Egypt approved its first standalone data privacy law, which also went into effect last year. India, Thailand, and China have all followed suit with three pieces of PII security legislation coming down the pike. Many privacy bills are also being considered in the U.S. at state and federal levels.
 
One of the reasons the EU’s data protection requirements are regarded as the “gold standard” is because they are extraterritorial in scope. Consumers are protected no matter where they live and where they do business. And companies are responsible for PII security threats no matter where they do business and where their customers reside.
 
According to Gartner, 65% of the world’s population will have their data covered under some form of modern privacy regulation, up from 10% in 2020.
 
With all these new privacy laws coming into effect, it will become burdensome for companies to remediate PII against each one if they continue to use manual labour for tasks that require automation and AI.
 
Discover
 
The issue with being able to comply with data compliance regulations worldwide is that PII data can hide within emails, word documents, scanned images, forms, or within nearly 300 other formats. Sensitive PII can also be siloed within different systems and departments across an organization.
 
Manual solutions to locate PII are slow, expensive, and leave companies vulnerable to risk. Adlib’s Content Transformation software utilizes automation to surface all essential PII data—from multiples sources and in any format—and turns it into searchable content that’s ready to be analyzed against any new regulation.
 
When Adlib’s trainable AI models recognize PII in various forms, employees can focus on higher-value tasks such as delivering an excellent customer experience.
 
Enrich
 
Isolating risk is only half the battle. Making sense of PII data by categorizing and meta-tagging gives businesses the leverage they need when the next regulation hits. Then, companies can focus on remediation through several strategies.
 
Adlib’s Contract Analytics solution makes it possible to create redacted versions of a contract or document so that employees downstream can utilize portions of data without accessing any personal information. Or sensitive data can be deleted to protect the privacy of a customer.

Contract Analytics also allows businesses to compare documents—such as privacy regulations from two different countries—to determine differences and similarities, surface critical data, and share it with stakeholders for remediation.
 
If companies fail to secure PII, they risk far more than fines and penalties.
 
Evolve
 
Protecting personal information extends beyond meeting compliance regulations. Demonstrating that customer PII data is impervious to internal or external threats is vital to gaining trust from existing customers and prospective ones.
 
These regulations allow individual countries to move one step closer to achieving adequacy with the EU, where their local businesses can benefit from a larger market with their new “trusted” status.” 1
 
Companies can better balance risk aversion and market growth by responding with agility to new data privacy requirements.
 
The Final Verdict
 
Data privacy has become a global business imperative. If companies compromise PII security or experience a data breach, they risk eroding their brands and jeopardizing consumer trust. In today’s hypercompetitive landscape, leaders need a technology solution that will support their efforts to prioritize consumer privacy and enhance business performance. Adlib’s Content Intelligence solution is the robust, dependable platform that will stack the odds in favour of companies that care about their customers as much as their bottom lines.
 
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Sources & Credits
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