Businesses are increasingly relying on data, but they’re overlooking another key aspect of it – privacy. In order to keep up with the growing regulations surrounding data privacy, it may be time to hire a Chief Privacy Officer.
- Changing business landscape
The rate at which data has become important to companies is growing as quickly as technology is changing. Businesses are starting to realise how data can revolutionise the way they operate. Unfortunately, with the good comes the bad; and the bad with data is protecting and securing sensitive information. And it’s not as easy as just hoping IT will take care of ensuring data is protected. Businesses need to invest in privacy regulations, especially as new rules and regulations arise. For most companies, that means hiring someone who knows the ins and outs of data privacy – a CPO.
- Europe’s General Data Protection Regulation
In the coming year, Europe will have a big impact on the way businesses around the world need to evaluate privacy. A new initiative, the General Data Protection Regulation (GDPR) out of Europe, is implementing regulations that will impact any company operating in Europe. It’s aimed at giving citizens more control over their personal data by implementing regulations for the way businesses handle private data.
- Mandated CPO
On the heels of Europe’s GDPR comes another reason to hire a CPO. You might be legally required to have one. Part of the regulations include mandating that companies have a CPO, so if you do business in Europe, you may be on the hook to hire one of these professionals. It is best to prepare now, as things are finalised and implemented across two years, instead of playing catch up. By then, it will be too late.
- Rising number of high-profile breaches
It’s been hard to miss the number of high-profile data breaches over the last couple of years. Companies from Sony to Target to Home Depot have faced PR nightmares thanks to data breaches. Although much of the enterprise world hinges on technology, there is still a lot of room for human error behind each computer screen. That’s why it is vital that companies hire a CPO to implement a strong and successful security strategy to help ensure business and customer data stays safe and secure.
A CPO helps develop strategies to support how personally identifiable information is protected from these types of incidents, and can fully brief the c-suite on the issues – both technical and business – which could arise from a breach.
- Avoid a PR nightmare
Having a proactive strategy in place to protect against a security breach isn’t only smart to protect data, but also your brand reputation. Data breaches are national news these days, and one bad data breach can mean a world of hurt when it comes to damaging your company’s reputation. Since CEO’s can’t have their eye on everything, and CIOs are busy enough with IT, a CPO is the next logical step to help prevent a PR nightmare before it happens. Worst-case scenario, a CPO can at least work to diminish the effects of an attack and create a strategy to avoid future problems.