- The importance of having a data trust strategy
- Learn about the four pillars of trust, according to Deloitte
- The 6 ways to build trust with privacy
Read more below.
6 Ways to Build Trust with Privacy
“Trust is the single most important currency in the business world,” states Deirdre Campbell, global chair, financial services, Edelman Trust Barometer. One of the key elements for success across all industries is establishing and building trust. Establishing public and organizational trust and confidence in digital platforms is essential and goes hand-in-hand with respecting, maintaining, and upholding privacy.
This includes addressing public concern about how personal information is accessed, shared, and used. It also requires confidence in the performance and availability of digital platforms.
Build in privacy and trust will follow. PricewaterhouseCoopers (PwC) urges companies to put privacy first, by building trust in the data. PwC reinforces the importance of having a data trust strategy.
“A data trust strategy turns data into an engine for continuous growth,” especially important in an era of disruption. A recent PwC survey reinforces how a “coordinated approach contributes to handling regulations around data protection and privacy as they come, welcoming opportunities rather than fearing obstacles.” Read more about the five characteristics of data trust.
“To master the trust equation, what is needed is a combination of the right grounding with guardrails along the way — a cohesive effort across leadership and governance, strategy, principles, policies, processes, and culture. Teams such as technology, marketing, sales, operations, and even third parties need to collaborate to weave trustworthiness into the very fabric of an organization. To ensure cross-organization alignment, they must keep in sight the organization’s fundamental purpose and core principles,” states Deloitte.
Deloitte outlines the four pillars of trust, including:
- Ethics and responsibility
- Privacy and control
- Transparency and accessibility
- Security and reliability
(Source: Deloitte, Building digital Trust: Technology can lead the way)
Putting Trust First with Incident Response
Data, privacy, and trust must be interconnected. For example, organizations that manage incident response effectively likely apply best practices, which has a positive effect on trust. When it comes to incident response, here are six ways to put privacy (and trust) first.
1. Act collaboratively
We know that incident response is not a solo endeavor. Privacy professionals who include a broader team — including security, IT, and the C-suite — have better outcomes. Only by working together is it possible to mitigate all the technical, legal, privacy, and other significant risks that an incident imposes on an organization. Read more about how to elevate your privacy program.
2. Operationalize incident response with technology.
An effective incident response framework ensures consistency and efficiency while producing the necessary management metrics that otherwise wouldn’t be possible. Technology is able to bring innovation to privacy programs, and help privacy and legal professionals with better decision-support capabilities to manage mounting regulatory complexities domestically and internationally. Learn more about the five ways to operationalize incident response with technology.
3. Stop manually tracking data privacy laws.
Not only is this inefficient, you could miss something important. Especially in the privacy incident response space, there is no room or time for operational regression. RadarFirst’s Radar Breach Guidance Engine™ is always compliant, with an intelligent engine that applies current global breach regulations to an automated risk assessment.
4. “Be honest, act with integrity and respect others.”
Honest, integrity, and respect are core philosophical values demonstrated in day-to-day tests, writes Aviv Shalgi, CEO of Solar Simplified, in his article, Four Lessons Learned on Leading a Company Through Hard Times. “In building my company, I insisted that honesty, integrity and respect remain at the heart of everything we do.”
5. Don’t over-notify.
People may get leery and weary from too many notifications. How about reducing the risk of reputational damage to your organization from over-notification and reduce the time spent on unnecessary notifications? Lots of good info in To Notify, Or Not? (That is the Question).
6. Armor up!
Just like knights wearing armor, wrap privacy efforts in armor to protect data and your organization. You don’t want cracks in your armor! Intelligent incident response can help strengthen and protect your brand and build trust with your customers and clients, by ensuring consistent, efficient, and objective risk scoring of privacy incidents. You want to reassure customers and partners that your organization has embraced digital transformation as part of a broader effort to protect privacy information. Learn how incident response protects your brand after a data breach.
Respect, trust, collaboration, integrity, accountability — these are common core company values of some of the top companies in the United States. It is wise to embrace the digital revolution and demonstrate that your organization has prioritized trust and privacy as core values.