Data Breach Resolution 22% Faster in 2021 for Organizations Embracing Intelligent Automation
New regulations continue to complicate incident response processes and consume privacy management resources – highlighting the need for intelligent incident management solutions.
PORTLAND, OR – April 19, 2022 – RadarFirst, the global leader in privacy incident management solutions, published their third-annual Privacy Incident Benchmark Report 2022, which found that organizations who leverage intelligent incident management solutions decreased the time it takes to meet breach notification compliance after a data breach by 169 hours (22% per incident), the equivalent of seven days.
With our intelligent incident response platform, the number of hours spent on incident management (from discovery to risk assessment, mean) is down 53% since 2018,” shared Greg Sikes, Vice President of Product at RadarFirst. “This data shows what we know – the RadarFirst platform has an immediate impact on a company’s privacy program and continues to make a meaningful difference over time through ongoing digital transformation leading to improved team efficiency.”
Privacy compliance is an urgent and complex challenge for organizations of all sizes. Due to complicated data breach regulations, overlapping jurisdictions, and unique notification requirements, efficiency in privacy incident management can mean the difference between compliance or costly fines and reputational harm among consumers.
Findings in the RadarFirst third annual report provide privacy, security, and compliance teams with industry-specific data necessary to empower operational change and encourage collaboration across the entire incident management lifecycle.
Privacy Benchmarking is Critical to Drive Operational Change
Compliance with rapidly-expanding global data breach notification regulations and contractual obligations is a restless effort. Privacy teams have heightened awareness of data management within their organizations, given the liability and business implications of non-compliance. Tracking, comparing, and reporting incident response metrics against industry benchmarks helps drive best practices and meet these demands.
In the 2022 report, RadarFirst aggregated anonymized data from over 55,000 risk assessments conducted in more than 150 jurisdictions to identify privacy benchmarking metrics for highly regulated industries such as healthcare, insurance, and finance. The report also includes benchmarking by organization size to help privacy programs establish practical metrics and improve among their peers.
An interesting insight uncovered from this year’s benchmark report found that SMBs (small and medium-sized businesses) experienced nearly 40% more paper-based incidents than large organizations. Key findings like this help our clients identify areas for significant operational improvements, data-driven investments, and provide leadership with clarity around how their organization is mitigating risk,” said Don India, Chief Executive Officer at RadarFirst.
A Bright Future for Data Breach Compliance
Despite the growing number of regulations and risks associated with a breach, achieving operational excellence is not out of reach. Use of the RadarFirst intelligent incident management platform guarantees compliance amid shifting regulations.
Alan Knepfer, Chief Sales Officer at RadarFirst, highlighted “By enabling privacy teams to work together through our intelligent incident management platform, organizations, no matter the size, can reduce notification timelines and streamline response.”
He added, “Privacy regulation is constantly evolving in our digital-first world. This year’s report found that unintentional human error remains the largest cause of privacy incidents. Organizations need to break down existing departmental silos and take advantage of future-proof technology that exists to accelerate the notification decision-making process.”
How does your incident management plan measure up?
In today’s complex world of data breach management, RadarFirst helps organizations protect personal data and usher in digital transformation through its expansive privacy incident management platform. With RadarFirst, organizations can easily resolve privacy and security incidents with a streamlined, operational approach that leverages the patented automation in the Radar Breach Guidance EngineTM. Within a rapidly evolving compliance landscape, RadarFirst accelerates efficiency across the entire incident management lifecycle and keeps organizations forever compliant with shifting regulations. Learn more at radarfirst.com.
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