Trūata is a Business Reporter client.
The future of governance, risk management and compliance (GRC) strategies will be characterized by increased integration of technology, a focus on privacy-enhancing analytics, flexibility in responding to risks and regulations, and a broader scope that includes sustainability and environmental, social and governance (ESG).
Automation through the integration of privacy-enhancing technologies (PETs) will be key when it comes to bridging the gap between the development of these GRC strategies and their effective implementation. Auditing, risk management and data loss prevention are key areas where PET automation capabilities can deliver improved performance, accuracy and efficiency in identifying, assessing and mitigating security and privacy risks at speed and scale.
Data protection and privacy compliance
Gartner predicts that by 2025, 75 percent of the world's population will have its personal data covered by modern privacy regulations, which will make operations even more complex for data-driven organizations that wish to use and share data across groups and geographies. When you combine this with the exponential increase in personal data that businesses are now collecting, the rapid migration to the cloud and the emergence of genetic artificial intelligence, it's easy to see how organizations could quickly run into governance problems unless the right steps are taken. To protect and secure their data pipelines, organizations should look to privacy engineering best practice principles and design patterns. By leveraging PETs designed to provide the automation, multi-cloud integration and ease of application needed now, today's big data challenges can be overcome and tomorrow's emerging data and privacy requirements can be effectively addressed.
Risk management and control
The ability to introduce guardrails that protect sensitive data, ensure compliance with evolving regulations, and enhance transparency in data usage are key capabilities in maintaining customer and stakeholder trust.
Quantifying risk is a critical step in the data pipeline security and vulnerability management process. It helps organizations identify and quantify risks so informed decisions can be made about data access and use. Under the GDPR, businesses are required to adopt measures that allow them to track the movement of personal data and monitor the flow of that data within their business ecosystem. By leveraging software that can automate risk assessment, organizations can centralize and standardize data management with speed. When you have the ability to conduct statistical risk analysis on data sets of any size, regulatory guesswork, manual practices, and subjectivity can be removed from the decision-making process. It's one of the fastest ways to operationalize privacy-compliant data flows and develop an audit trail of compliance.
Secure data sharing and risk mitigation
Organizations looking to quickly generate valuable insights will look to connect their data with that of complementary organizations or industries in order to leverage untapped intelligence to increase insights into customer behaviors that can drive strategy and customer experiences. customers. However, this will require reinventing data sharing practices and data governance that affect consumer and company needs: control, privacy, trust and ethics. There are PETs available that address not only privacy issues, but also confidentiality issues, access controls, and data leakage challenges by introducing a layer of separation between the analyst and the data. The necessary protections are automatically applied based on user requirements to ensure that the analytical results produced meet business objectives without unnecessarily exposing the underlying source data. This type of automated business intelligence platform prevents the inadvertent disclosure of information at the individual level while still providing meaningful information.
Leverage next-generation privacy technologies
Navigating the complexities of a highly regulated data-driven economy while preventing malicious actors from exploiting security cracks is a significant challenge and one that is only likely to grow in the coming years. The best defense is a good offense, and by implementing proactive risk mitigation strategies, businesses are able to protect privacy and strengthen security frameworks while maximizing the utility of data for data-driven innovation.
Trūata's PETs bring clarity and confidence to GRC strategies, enabling organizations to demonstrate a responsible and ethical approach to data use. They meet the highest global data protection standards while promoting greater data activation within an organization to help achieve business goals. These include:
- Trūata calibration conducts automated privacy risk assessments to identify direct and hidden risks in data sets of any size and then take targeted mitigation steps to address privacy risks. This not only brings efficiency and objectivity to the risk assessment process, but also allows organizations to build a controlled library of verified risk assets for rapid use.
- The Trūata Anonymization Service transforms customer data into non-personal data, which “disables” data protection regulations, thereby voiding restrictions on data use. Trūata's unique data trust structure provides governance protection and mitigates the risk of customer non-compliance, allowing organizations to leverage rich accurate analytics with confidence.
- Trūata Combined Analytics enables businesses to securely share and access untapped customer segment information from trusted third-party partners to optimize marketing campaigns and unlock new revenue opportunities. It provides a privacy-by-design ecosystem that takes care of the legal, structural and technical complexities of creating combined information with external partners.
To read more about the power of privacy-enhancing technologies, visit truata.com.