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. 

Download our brief to learn how Radar integrates with your existing systems to close the loop for data incident management. 

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. 

Download RadarFirst’s Privacy Incident Benchmark Report 2021 for a deeper dive into the frequency of incidents across industries >>

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.

Digital Transformation Guide for Privacy | RadarFirst

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. 

…We are loving the platform. Any questions and concerns I have had, have been addressed almost immediately. Overall, Radar has certainly made our lives easier.” –Privacy Incident Lead, Financial Institution

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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. 

 Create an Interdepartmental Team Focused on Tip-to-Tail Data Use and Management to Evaluate and Automate Processes

 Connect the C-Suite, IT, Product Management, and Privacy Compliance through Communication Tools and Data Dashboards

 Bring on Trusted Third-Party SaaS Partners to Close the Gaps in Your Data Privacy Incident Management Systems

 Communicate Your Commitment to Privacy, Security, and Timely Incident Response to Your Customers

 Use Data Generated by Your Incident Response Platform to Make Continuous Improvements

Ready to learn more about how Radar can be your Digital Transformation partner?