By Will Sweeney, Managing Partner, Zaviant
It’s no secret that the cost to mitigate a data breach is skyrocketing. According to the Identity Theft Resource Center, the total number of breach victims jumped nearly 500% in the first half of this year compared to 2023, and a report from IBM found that the average global cost of breaches hit a record $4.88 million – a 10% increase from last year. Furthermore, with the steady introduction of new privacy laws across the nation, it can be challenging for organizations to keep up.
All of this can in part be attributed to quickly-advancing technology, which has allowed cybercriminals to become more sophisticated and creative in their attacks. On the other hand, organizations can also utilize technology to help secure their data, stay on top of risks, and ensure legal compliance.
Since a myriad of data privacy and security technology platforms exist, it’s important to make informed decisions before investing. So, here’s a quick check-list to help determine the right path forward for your organization.
Determine Your Needs
Before researching specific platforms, it’s important to identify your organization’s needs. Start by conducting a cybersecurity vulnerability assessment to determine areas of concern or gaps in your security infrastructure. After that, meet with internal teams, stakeholders, and third-party vendors to figure out what types of problems they’re facing. Having these conversations can help determine how much of your organization’s privacy and security measures should be automated, where data should be stored, and how information needs to be backed up.
Finally, make a list of your findings to ensure any technology platform you consider checks all the boxes. Make sure that your internal privacy and security policy standards, state and federal compliance, and any industry-specific regulations are included on that list.
Examine Your Current Toolbox
Before spending money on a new technology platform, examine the tools your organization already has access to. Exploring features you haven’t used before (or new ones that have been added since you first signed up) may help save costs.
For example, Microsoft 365 customers have access to a number of different tools that could help with basic data privacy and security needs (such as Microsoft Defender, its data loss prevention, compliance, classification, and retention tool). Reach out to representatives from the programs you already pay for and explain your needs to see if something they offer can help.
Try It Before You Buy It
Once you know exactly what your organization needs (and that those needs can’t be met with your current technology toolbox), pick a few different programs to try out. Purchase or ask for a complementary demo before making a commitment.
It’s also important to understand how long the deployment process takes, how complicated the interface is, and how many staff hours will be required to operate or maintain the platform. Additionally, look into what kind of training and support the company offers and if they have a disaster recovery strategy. It’s also important to determine if the vendor outsources parts of its technology to third parties and how those parties protect data or conduct audits.
Find an Implementation Partner
Once you’ve decided which platform your organization would like to invest in, identify an individual or company that can lead you through the deployment process. An implementation partner should fully understand your business needs and have a strong record of successfully leveraging data privacy and security technology. Your implementation partner should also work with cross-functional teams to ensure all members understand how to use the platform.
Conduct Regular Maintenance
Just as organizations should conduct regular reviews of data privacy and security practices and policies, you should also regularly evaluate and maintain your new technology solution. Check in with teams that regularly use the platform to gauge their experience and ask about how it has furthered your organization’s goals. Technology is constantly evolving and progressing, so always be sure to conduct regular system updates and reexamine your needs.
Don’t Do All The Heavy Lifting
Data privacy and security is a massive undertaking for even the most sophisticated organizations. From ongoing security threats to complex compliance requirements, keeping up can be a challenge—but you don’t have to go at it alone. Technology platforms like OneTrust, BigID, ZenGRC, Osano, and others can help organizations automate key facets of governance, privacy, and security. As your organization works to strengthen its data privacy and security posture, make sure to consider technology solutions as a key part of your strategy.