Between the rise in online shopping and the prevalence in working from home, sharing personally identifiable information (PII) through various digital experiences has become ubiquitous. Along with this digital shift has come the growth of regulatory pressure. If companies don’t adopt robust data privacy solutions, they risk fines, damage to the brand, and loss of customer trust.
While GDPR and CCPA are well entrenched, numerous new regulations around data privacy are cropping up around the world. What complicates PII data privacy compliance is that no two regulations look the same. Companies need to keep track of and understand the nuances of the various privacy laws and figure out where the risk lies within their organizations. Failing to do so is increasingly resulting in penalties.
The right Contract Analysis solution will help Chief Information Officers and risk managers deliver on key PII compliance requirements while freeing up employees to tackle higher-value tasks. Being proactive around risk identification and management will make it easier for CMOs to balance risk aversion with market growth, and to preserve their brand integrity. Read on to learn how you can grow your business while doing right by your customers.
Data Breaches are a Lose-Lose Situation
Personally identifiable information (PII) is any information that directly identifies an individual. Beyond the obvious, like home address, social security number, and credit card details, PII can also include job title and salary, biometric data, and even medical records. Indirect PII may include gender, race, and birthdate.
Data Privacy Feels Like an Uphill Battle
In large part, the reason PII is so difficult to manage is that it can be hidden within emails, Word documents, scanned images, and many other siloed documents in a range of sources and formats. Sensitive PII can also be stored in disparate systems across an organization.
For instance, when life sciences companies endeavor to get a drug to market, PII is part of everything from the research phase to clinical trials. Every interaction with participants has PII floating around in it. If someone decides 20 years after a drug comes to market that they no longer wish to be identified as a member of the clinical trial, GDPR guarantees these participants the “right to be forgotten.” Are pharmaceutical companies equipped to abide by these laws without throwing manual labour at the problem? This time-consuming option is riddled with errors and is no longer the sustainable, efficient answer.
Similarly, insurance companies have customer contracts, online forms, and claims processes. If for any reason an insurer needs access to direct or indirect PII, companies without automation must resort to assembling a team of subject matter experts to manually review contracts and documents.
Rather than risking a data breach, some companies put a fence around PII. However, putting a fence around sensitive information just renders it useless to the people and systems that need it. In fact, PII is an essential component to delivering a positive customer experience. Companies need the tools to effectively manage their PII data, not a band-aid solution.
With so much at stake, companies must commit to a long-term data privacy solution. A robust platform has the potential to do far more than just deliver PII security.
Having a framework to manage current and emerging regulations will expedite how companies do business on a global scale. An essential component of adhering to global privacy standards is being able to find PII—all of it. Adlib’s Content Transformation software finds, classifies, and extracts siloed unstructured data from multiple sources and formats and turns it into high value content that can be automatically searched and analyzed against new regulations.
Content Intelligence is not just about locating risk; it is an opportunity for companies to do more than building a fence around it. Files containing PII must be categorized and meta tagged so that businesses have exactly what they need when a new regulation hits. From there, businesses can ensure PII security through a combination of approaches.
Another benefit of Adlib’s Contract Analytics solution is the ability to compare privacy legislation to determine what has changed or been updated, allowing crossfunctional teams to respond faster with precise decision-making.
The dust may have settled on a post-LIBOR and post-GDPR world, but if we have learned anything from those experiences it is that adapting to the unexpected drives the outcome. Organizations can back-peddle to handle new regulations and potentially betray the trust of their customers. Or they can take charge and secure and utilize PII data for scale and performance. And, ultimately, because it is the right thing to do for their customers. The sooner companies get started, the sooner they can shout from the rooftops that all sensitive data is secure.