Conclusion: Level up Your Data Privacy, Security, and Incident Management
Digital Transformation is a mindset, in which traditional companies in financial services, insurance, and healthcare sectors – to name a few – are being called upon to play like technology companies. If you’ve made it to this final section of our Digital Transformation Guide, chances are, you have committed to making your business future-ready, resilient, and agile using technology.
You understand that technology decisions are brand decisions. And when it comes to data-rich business models, how a company thinks about, uses, and responds to breaches of data will be at the heart of how the company is perceived by its customers, its strategic partners, its investors, and its regulators.
You view Digital Transformation as a chance to build a culture of trust, in which customers and regulators see you are committed to protecting data and making careful, timely responses when a breach occurs.
So, what next? Even if your company has a limited capability for change, each attempt will strengthen the organization’s ability to adapt. Your “muscles for change” will grow. As we said in our Introduction to this Guide, Digital Transformation happens incrementally, and bringing on trusted third-party technology partners to help you put new data-driven processes in place is the first step.
When creating a plan for Digital Transformation, strengthening your data privacy, security, and incident management infrastructure is an important priority. Let’s take a look at why.
Fortify and Defend Your In-House Systems
You may have a very good in-house architecture for collecting and managing your data. You may also have tools in place to notify you of a suspected breach. However, when it comes to analyzing the risk posed by a breach, it’s nearly impossible for a company to keep up with every new data regulation in every region, not to mention the requirements for how to respond to those incidents and in what time frame.
You may waste time and money determining whether a breach requires notification and response, and sometimes you may get it wrong. A third party SaaS partner who specializes in exactly those complexities will be better positioned to help you assess risk and defend yourself in the case of investigation by regulators.
The third-party SaaS providers you bring in to fortify and defend your in-house systems should be able to integrate with your existing platform, offering you a dashboard of KPIs and delivering benchmarking data back to your systems, seamlessly.
Expect to See a Quick Return on Investment
Data management mistakes can be extremely costly. Hostile attacks and breaches caused by human error are increasing, even as companies invest more in security and training measures. And market complexities lead to internal breaches, even in the most ethical companies. Incident response isn’t a luxury, it’s a necessity.
The good news is that the efficiencies created by a platform like Radar deliver big cost savings. Our customers report that our platform provides strong ROI in as little as three months.
Companies with no automated incident response management technology risk a triple hit to profitability.
- Fines and settlement costs
- Customer relationship and brand identity damage
- Administrative enforcements that force companies to cease operations in a region temporarily or permanently
Choose Strategic Partners Who Share Your Sense of Urgency
Data incidents are on the rise, and regulations will become more complex as more and more states put their own personal twist on data incident reporting rules.
The time to put a scalable, automated platform in place is now. While it may feel like taking the time to implement a new system is burdensome, companies can’t afford not to act. Choose technology partners who can coach you through the integration and strategic use of their platform, with a tried and tested onboarding process.
Close the Loop to Build Trust
Customers are becoming more savvy about data privacy and security. According to Edelman, 75% of consumers with high brand trust will buy that brand’s products even if it isn’t the cheapest. Demonstrating a commitment to protecting the data of customers, clients, and partners requires a comprehensive and intelligent platform that secures your brand reputation. RadarFirst wants to be your strategic partner, helping you build trust with your customers and regulators.