Excerpt from Forbes Article – Published on Oct 02, 2023
In a rapidly evolving landscape of data privacy, compliance is no longer a mere checkbox—it’s a business imperative. Ameesh Divatia, CEO of Baffle, Inc., asserts that the recent EU-U.S. Data Privacy Framework and Meta’s substantial fine signal a critical need for companies to view compliance as the starting line, not the finish line.
With laws becoming more stringent, compliance complexity growing exponentially, and noncompliance carrying significant fiscal and reputational consequences, companies must exceed the baseline. Divatia advocates for a proactive stance, suggesting that organizations implement top-tier data security measures.
To go beyond compliance, companies should prioritize data hygiene by only retaining essential data. Proactive data management involves classifying data upon ingestion, vigilant monitoring throughout its lifecycle, and prompt elimination when no longer necessary. This strategy minimizes the risk of non-compliance with nuanced state laws and industry regulations.
Investing in personnel and tools is crucial for maintaining a security posture beyond compliance. Regular training, including onboarding exercises, equips employees with the knowledge to use data securely. Modern data-protection methods, such as masking, tokenization, encryption, and bring your own key (BYOK), should be integrated into security solutions.
Collaboration with external experts, including solution providers, pen-testers, and compliance specialists, is recommended to identify security gaps and ensure optimal data security posture. The article concludes with a firm assertion that proactivity in addressing data security is far more cost-effective and less complicated than dealing with issues post noncompliance fines.
In summary, as data privacy regulations continue to evolve, companies must elevate their data security practices beyond compliance to safeguard customer trust, navigate complex regulatory landscapes, and position themselves as leaders in an era of heightened privacy concerns.
To delve deeper into this topic, please read the full article on Forbes.