What data privacy has to do with business risk — and how to tackle both today 

Getting the big picture view on business risk and data privacy

Solving for data privacy ensures companies of all kinds can effectively tackle financial, operational, reputational, compliance, and strategic risks. Failure to secure and protect personal data leads to: 

  • Financial risk: Legal and regulatory penalties, as well as indirect costs such as lost business opportunities and decreased productivity. 
  • Operational risk: Process disruptions like system downtime or loss of critical data needed to carry out business functions can cause delays, reduce productivity, and increase costs. 
  • Reputational risk: Negative publicity, loss of trust, and reputational damage leading to customer loss, reduced sales, and failure to attract and retain talented employees, suppliers, and business partners. 
  • Compliance risk: Failure to comply with Europe’s GDPR and California’s CCPA/CPRA can result in significant legal and financial penalties, as well as reputational damage and the loss of privacy-conscious customers. 
  • Strategic risk: If business data is inaccurate, incomplete, or unprotected, it can lead to flawed decision-making, missed opportunities, and an inability to execute strategic goals. 

However, when equipped with a Privacy Control Center, businesses can assess the use of sensitive personal data and the related risks outlined above in real time. A dashboard view of data privacy allows legal, security, and executive teams to monitor the status and impact of common privacy workflows, like data mapping, inventorying third-party applications and internal systems, handling data subject requests (DSRs), and completing records of processing activities (RoPAs) and privacy assessments (DPIAs, PIAs). 

Solving for data privacy means comprehensively understanding and mitigating risk 

The world’s most trusted brands know business risk is avoidable only if they understand where personal data is stored and how it’s used. Between legislative requirements and the fact that 85% of consumers want to know which businesses collect data about them and how they use it, organizations are incentivized to deliver on privacy program requirements. 

A privacy dashboard providing all-up program visibility and intelligent workflow recommendations will boost legal and security strategies with a modern approach to measuring and understanding risk. 

  • Business risk reduction: A dashboard offers a data privacy-specific interface to proactively monitor and reduce business risk at your company. 
  • Source of truth: Businesses monitor data privacy management and identify opportunities for privacy program improvement from a single interface. 
  • Clear prioritization: Teams identify urgent tasks and use data to forecast privacy program trends allowing them to continuously optimize their impact by improving focus and velocity. 
  • Privacy ROI: Companies can communicate the value of automation, like money and time saved, across their privacy program to the rest of the organization. 

“Privacy is in the DNA of business risk. It’s the canary in the coal mine,” says Daniel Barber, co-founder & CEO of DataGrail. “If you're not solving for privacy, you're not holistically addressing business health. Understanding it — and taking action to improve your privacy posture — is critical to reducing your overall business risk and upholding trust.”  

Crucially, DataGrail delivers responsible automation and the industry’s largest integration network to address data privacy and business risks in a scalable way

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