Privacy has become a foundation of digital trust, demanding stronger safeguards, transparent data practices, and accountability from organizations worldwide. However, privacy often becomes a matter of concern for individuals as well as organizations. In this regard, adopting privacy management software can be beneficial.
According to experts, 93% of companies worldwide consider data privacy an alarming risk. Additionally, 83% of individuals express concern for their privacy in the USA only. So, how do we prioritize privacy, manage it efficiently, and safeguard it from vulnerabilities?
In this blog, we will discuss the significance of privacy management alongside listing the top privacy management software, which can actually be beneficial for your business.
What is Privacy Management?
Privacy management is the integration of strategies and tools that companies often use to safeguard their data processing while complying with established data privacy guidelines. Adopting privacy management tactics can enable organizations to track, assess, remediate, and monitor privacy issues consistently.
Remarkably, the privacy management initiative is applicable in every department within an organization. Hence, it empowers individuals across organizations to analyze, use, and store sensitive data in a more responsible way, considering the privacy guidelines.
Over 70% of business leaders believe that their data privacy and management efforts can benefit them significantly. For this purpose, organizations adopt several techniques, including the implementation of specific tools and software for efficient privacy management.
How to Manage Privacy in the 21st Century?
Privacy has undoubtedly become a crucial element for individuals as well as organizations at present. Several unwanted outcomes can take place if appropriate privacy management software and tactics are not adopted. Data breach, identity theft, financial imbalance, defamation, and more. The primary step companies can take is to formulate robust privacy policies and implement them.
Additionally, effective governance measures are also essential to ensure consideration and compliance with the predefined privacy guidelines. Disseminating appropriate knowledge on the importance of privacy across departments in an organization is also an unignorable segment of resilient privacy management.
Furthermore, ensure that sensitive data is encrypted and authenticated so that only individuals who require certain datasets can access them. Here, consent management can also be beneficial, where individuals will be required to seek consent from concerned people to access, share, and store datasets.
Privacy Management Software: An Overview
Privacy management software are specific tools and platforms that helps organizations in protecting and managing their data from vulnerabilities while complying with privacy regulations like GDPR, PIPL, and CCPA. These tools empower organizations with data inventory, content management, risk assessment, compliance assurance, governance, risk remediation, monitoring, and others.
Companies looking for robust privacy and data security tactics must integrate privacy management tools. These not only ensure compliance with leading benchmarks but also help in efficient risk management.
Leading Privacy Management Software to Implement:
OneTrust:
OneTrust is one of the leading privacy management tools that helps organizations with responsible data and AI usage. While ensuring robust compliance, this platform offers advanced risk management and measurement facilities. OneTrust is known for its real-time regulatory intelligence and centralized repository for documentation. It automates the entire privacy and governance process for uninterrupted surveillance.
Pricing: OneTrust’s pricing is not available publicly. However, its different services, including consent and preference, privacy automation, third-party management, and AI governance, have different pricing models.
DataGrail:
DataGrail is known for its simplified privacy management services while integrating vast datasets. It aims at building trust through maintaining transparency. DataGrail’s pre-built connectors assist organizations in establishing resilient data foundations alongside designing and implementing robust data privacy strategies.
Pricing: DataGrail has a vast product lineup. The pricing of each product differs from that of another product.
TrustArc:
TrustArc is a preferred privacy management software for leading companies due to its strong focus on privacy. It integrates a centralized dashboard for advanced risk management. Consent management, cookie notice report, identity verification, and privacy impact assessment are TrustArc’s significant features. It unlocks a simplified process to capture and automate data privacy and operations.
Pricing: TrustArc’s pricing is not available.
Securiti:
Securiti is a leading privacy management tool with automatic data classification capabilities. It further unlocks sophisticated consent management opportunities through which organizations can authenticate data like never before. Securiti’s exceptional connectors help in detecting sensitive data and protecting it across several data sources within an organization.
Pricing: Securiti offers a personalized pricing structure.
How to Choose the Best Privacy Management Software for Your Business?
Organizations must consider several aspects before choosing the appropriate privacy management software for them. Here is a detailed discussion:
- Regulatory Coverage: Ensure the software you are choosing has broad regulatory coverage. It must comply with major regulatory benchmarks like GDPR, HIPAA, CCPA, and PIPL.
- Features and Benefits: Consider what benefits and features privacy management software offers. You must choose the ones with the most advanced features and integrations.
- Pricing and Scalability: Make sure the pricing of the tool you are choosing aligns with your budget. In case it surpasses, your business can go through financial turmoil.
- Alignment with Your Goals: Most importantly, the tool and its features must align with your business goals. It must offer opportunities for scalability.
Manage Privacy for a Better Tomorrow!
Data privacy is not a trending term anymore; it has become essential more than ever. Inefficient data privacy approaches can lead to data breaches and further devastating outcomes. Under such circumstances, privacy management becomes a top priority for businesses. Such tools not only assist in implementing a robust security framework but also sustain an effective governance strategy.
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F&Qs:
1. What is privacy management software?
Answer: Privacy management software helps organizations manage their data while putting privacy first and eliminating vulnerabilities.
2. What are the 5 stages of risk management?
Answer: Five key stages to protect privacy are identification of the risk, analysis of the risk, evaluation, elimination, and monitoring of the risk.
3. How to prevent privacy issues?
Answer: Preventing privacy issues requires an appropriate understanding of the threat environment. Further steps include knowing your rights, considering the privacy policies, carefully sharing data, being cautious about suspicious approaches, and using effective privacy protection tools.
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