Wonder Twin Powers: The (Super)Power of Addressing Privacy and Security Together
In a world where data breaches and privacy concerns are constantly in the headlines, it’s more crucial than ever for businesses to prioritize and navigate both privacy and security. While these concepts are often treated as separate entities, tackling them together can yield significant benefits for organizations.
However, to change the direction of a moving vehicle and convince executives and boards to adopt this holistic approach, you need to highlight the synergies and tangible advantages of the new direction.
Enhanced Protection
Integrating privacy principles with security controls creates a robust, multi-layered defense for the organization. We often see that security controls are implemented without consultation with the privacy office, and the results can be damaging with costly backpedals on implementation. It’s frequently found that security controls such as behavioural monitoring as part of endpoint protection must be reined in due to overstepping employees’ rights or collecting far more than necessary to serve a purpose.
By considering privacy implications during the design and implementation of security measures, companies can better safeguard sensitive data from unauthorized access, misuse, and breaches. A combined and holistic approach ensures that data is not only secure, but also used appropriately, reducing the risk of regulatory penalties, user mistrust, and reputational damage.
Time and Cost Efficiency
While investing in privacy and security measures may seem daunting, particularly in isolation, addressing them together can lead to various efficiencies. By consolidating resources and budgets, companies can often reap the benefits of tools, training, and processes that serve multifunctional needs, avoiding a waste of resources and streamlining processes. Ultimately, this can reduce operational expenses associated with managing disparate systems and teams.
Consider tooling but also training when it comes to pooling budgets. Often a singular software tool can be implemented that suits both privacy and security governance, instead of paying for two implementations. Training, particularly in security and privacy, can overlap across many functions, and combining the two subjects into a single training that is delivered broadly across an organization avoids training fatigue and addresses multiple concerns in a single session!
Similarly, holistically addressing policies and procedures can prevent duplication of effort across functions. Privacy, when considered at the same time as security, can ensure that the right team members are engaged up front, avoiding costly rework and having to double back later. This is particularly true in sensitive procedures like disaster recovery and incident response. Involving privacy up-front can avoid nasty surprises down the line when you may have missed reporting deadlines or missed an important piece of personal information.
Trust and Reputation
Consumer (and even employee) trust is a cornerstone of any well-oiled business. Addressing privacy and security together, and being proud of it, sends a powerful message to stakeholders that their data is being handled in the best possible way. Prioritizing both pillars enshrines an approach of transparency and accountability, which in turn strengthens customer and employee loyalty; key components to attracting new business opportunities.
While it may not seem that the consumer is directly concerned with privacy and security, and you can easily fall into the trap of thinking that they don’t consider it, we’ve seen on numerous occasions that consumer advocacy groups routinely assess B2C companies on their posture for both. This has a direct correlation on media reviews and coverage, product comparison, and purchase considerations for increasingly informed consumers. Addressing both together can be as much a marketing boon as it is an exercise in “doing the right thing” for your products.
Regulatory Compliance
With the proliferation of data protection regulations such as GDPR in Europe, Law 25 in Quebec, and CCPA in California, compliance has become non-negotiable. Taking a holistic approach to privacy and security streamlines compliance efforts by aligning policies and procedures with regulatory requirements. This not only minimizes the risk of non-compliance but also fosters a culture of sharing the load of data governance and accountability within the organization.
We’re seeing increasing overlap between frameworks and legislations, which is great progress! If you’re implementing SOC2, you can opt for the ‘Privacy’ Trust Service Principle (TSP) which will assess your privacy controls as well as security; many of which would stand you in great stead with strict privacy legislation. Similarly, if you’re ISO27001 certified for security, you can bolt on ISO27701 for privacy, again addressing many of the legislative requirements.
Competitive Advantage
In today's competitive landscape, companies that prioritize privacy and security gain a significant edge. Demonstrating a commitment to protecting customer data sets businesses apart from their competitors and positions them as trustworthy partners in the eyes of consumers. This competitive advantage can translate into increased market share and sustainable growth over time. Incorporating good governance early can even lead to easier access to funding or smoother merger and acquisitions processes!
The above topics are only a handful of the tangible benefits that can be communicated and envisioned when addressing privacy and security holistically, and serve as a compelling case for change to a streamlined way of approaching compliance.
At Bamboo, we have unified this approach into our GPS solution: the Governance of Privacy and Security. It provides direction and a map to enabling the two functions to operate in harmony, building trust, driving innovation, and unlocking new opportunities for growth in a data-hungry world.
