Module 1: Build a Technology Ecosystem Designed for Trust

Digital transformation of your data and technology ecosystem requires thinking about how tasks currently handled in a one-off or manual way can be automated for more consistency and efficiency. 

According to a recent tech trend report Gartner advises that businesses avoid “islands” of task automation, instead working to “identify, vet and automate as many business and IT processes as possible.” Gartner calls this approach “hyperautomation.” 

Hyperautomation requires that you think about how your data collection, protection, and incident response is part and parcel of your core business, working with team members across the enterprise to design products and systems for trust. Gartner calls these cross-functional groups of decision-makers “fusion teams.” 

“Data privacy is not an IT problem. It’s a problem to be solved at the enterprise level – every desktop, every point of interaction with customers, every integration with vendors and partners. Manual tracking and one-and-done approaches to data events don’t work anymore.”

– Lauren Wallace, Chief Privacy Officer & General Counsel, RadarFirst

A well-functioning fusion team understands that data management is not purely an IT problem. Rather, making decisions about what data to collect, how to shepherd it through the architecture of your organization, and how to integrate with trusted partners and vendors represents a shift in thinking about technology and data. Companies have an opportunity to design for trust in every aspect of the business in a way that meets regulatory guidance and engenders customer trust,

Modern businesses – especially those in banking, financial services, insurance, and healthcare sectors – must manage a constant flow of data against an ever-changing regulatory landscape. 

It’s no longer possible to track these processes or regulations manually – even well-intentioned manual processes will fail. What’s called for is a select group of strategic partners providing signature technology to solve the most complex challenges of data flow and data breach management. 

In addition to putting GRC (Governance, Risk Management, and Compliance) systems in place – whether built in house or off the shelf – your information-rich business needs a data incident management partner, one that takes you beyond awareness of an event and allows you to assess that event and make decisions about notification quickly and consistently. 

While a GRC system can help you identify incidents, it can’t go the extra step to automate risk assessment and provide decision intelligence about breach notifications. 

When integrated with your company’s GRC system, RadarFirst’s Breach Guidance System is able to take the incident details, determine if they contain personal information, conduct a risk-of-harm analysis, and determine breach notification obligations based on up-to-the-minute regulation tracking – then it transmits that data back into the GRC to keep the event log consolidated in one place, creating a documented track record of compliance for regulators, and a benchmarking dashboard for your own strategic process improvements. 

Data breach management solutions are not just a band-aid for a one-and-done event, nor are they a replacement for your privacy and security experts and legal counsel. SaaS solutions such as RadarFirst’s Breach Guidance EngineTM are the strategic tools these team members depend on to make confident, efficient, and data-driven decisions that directly impact your trust brand and your bottom line.  

When (not if) data breaches occur, having these partnerships and technology solutions in place will demonstrate to regulators and customers that your organization is a responsible steward of private information – a brand for trust

“By 2024, organizations adopting a cybersecurity mesh architecture to integrate security tools to work as a cooperative ecosystem will reduce the financial impact of individual security incidents by an average of 90%.” – Gartner