Fines associated with privacy violations and misusing private data are increasing, and more regulations are coming. In January of 2019, Google was fined €50,000,000 for lack of transparency and consent in processing personal data for advertising purposes. In July, Facebook was hit with a $5 billion fine after violating a pledge not to misuse consumer data. Other well-known brands that paid recent penalties include British Airways, Equifax, Marriott International, Uber, Yahoo and State Farm.
And this is just the beginning. More substantial GDPR fines are on the way, as are new regulations.
California’s CCPA begins on January 2020, and several other countries and U.S. states are developing their own data protection regulations. This resource lets you compare evolving data protection laws around the world, while this one from CIO Dive focuses on the U.S.
Despite all this awareness, data breaches are still all too common. The recent Capital One breach is one of the largest ever. Now managed services providers (MSPs) have become a favorite target, exposing their clients to an increasing threat.
Meanwhile, the cost and complexity of dealing with breaches also continue to go up, with the global average cost of a data breach rising to $3.92 million. Delta’s lawsuit against its chatbot vendor highlights one of the potential legal consequences of a breach. What’s worse, despite growing awareness of privacy challenges among board members, according to a recent survey, 69 percent of companies reported they had yet to create a data-driven organization. Even worse, 52 percent admitted they weren’t even treating data as a business asset.
Why are organizations struggling to protect their data and comply with privacy regulations? Because they are saddle with immature information governance (IG) processes.
Key indicators that your IG processes are immature include:
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