How to choose the right data privacy software for your business
How to choose the right data privacy software for your business
Data privacy software can help protect your employees, customers and organization by ensuring data is protected and handled appropriately and securely. Learn how to choose the right options.
Data privacy, the process of collecting, storing, managing and sharing access to data with third parties, is a crucial factor in ensuring business success. While myriad types of data about consumers and businesses can be collected, the need for certain controls, standards and security levels are universal no matter what kind of data is involved.
This is a source of significant concern among businesses and consumers. A KPMG report last August revealed that “62% felt that their companies should do more to protect customer data” and “86% of [consumers] said they feel a growing concern about data privacy, while 78% expressed fears about the amount of data being collected. Some 40% of the consumers surveyed don’t trust companies to use their data ethically, and 13% don’t even trust their own employers.”
Trust is key for any business, whether earning it from customers or their own staff. All it can take is one data breach to lose trust that has been built up for years, impacting company operations, reputation and staffing.
With that in mind, this guide can help you determine the features, considerations and data privacy software options that are the best fit for your company.
Regardless of vendor, quality data privacy software should include these standard offerings (as applicable to the selected software options and their intended function):
Data privacy is even more complex when the diversity of various industries and their individual requirements are taken into account. Specific rules may apply to industries based on their function, customer requirements and governmental regulations. These rules stem from such frameworks as theEU General Data Protection Regulation (GPDR), the California Consumer Privacy Act (CCPA), the Health Insurance Portability and Accountability Act (HIPAA) and others.
GPDR rules apply to all public and non-profit institutions that process data of European citizens. CCPA rules apply only to for-profit businesses with residency in California or that process data for at least 50,000 California residents and have annual revenues over $25 million or make at least half their annual revenue selling California resident data. Further policies may also apply to certain business fields as specified below.
Per GPDR and CCPA, these companies have strict data privacy rules requiring the following:
Federally-funded educational institutions are governed by the Family Educational Rights and Privacy Act (FERPA), which was enacted in 1974 and stipulates that underaged student data cannot be disclosed without the permission of their guardian, institutions must send a two-day notice in advance asking for this consent, and this notice must specifically lay out the reasons for for data disclosure.
While these are more procedural operations as opposed to technological options, it’s still a good idea to keep these requirements in mind when utilizing data privacy software on student information.
