Driving revenue through data privacy and compliance
Making data security and compliance a priority and key component of an organisation is typically easier said than done. While many companies make the claim, the reality is that data protection is often viewed as a siloed function, unable to truly impact and weigh in on key business strategies and decisions.
However, things are starting to change, especially when it comes to financial services. From traditional banks to fintech start-ups, business leaders are seeing how a strong and aligned data protection and compliance strategy can help drive revenue and fuel growth.
The problem is, this shift isn’t something that will happen overnight. Here are a few ways financial leaders can lay the foundation for turning data privacy into a revenue driver.
A CISO is not enough
Many companies try to address their security and privacy needs by building out their data protection team. The appointment of a chief information security officer (CISO) can be a signal across the entire organisation that security is of the utmost importance.
However, while these are all crucial steps, the reality is, security and privacy teams typically work in silos, only working with product, marketing, sales teams, and more when immediate tasks are required.
Forward-thinking companies looking to leverage data privacy as a competitive advantage must identify one or more individuals as data privacy champions across each department and division. This approach ensures that data protection and compliance is top-of-mind across all teams and built into their strategies, evaluations, and go-to-market plans.
Proactive vs reactive compliance
Data protection and privacy laws are constantly being implemented and updated meaning most security teams have had to put more and more time focusing on maintaining compliance in the industries and regions they are already in. While it is critical to maintain and adhere to compliance and privacy regulations in existing industries and locations, putting all of your efforts into this approach can limit your organisation’s ability to grow and scale.
Proactive compliance, meaning identifying industries and regions you’re looking to break into or begin doing business in and laying a foundation of data protection and privacy regulation can help businesses gain an edge over competitors and scale faster.
Transparency and training
Even with the strongest systems in place, companies and the data they hold are still vulnerable. The reality is, organisations today are only as secure as their employees allow them to be. This means employee education and training is of the utmost importance. Every employee needs to be aware and up-to-date on data protection laws, best practices, and trainings.
Current and prospective customers want to know that every step is being taken in order to minimise risks and ensure the safety of their data and sensitive information. Incorporate regular training and educational sessions, phishing and malware tests, and more in order to ensure all employees and teams are able to identify potential attacks and educated on security protocols.
Data privacy as a competitive advantage
Information sharing and the protection of sensitive data is more important than ever before and arguably, no more important than in the financial sector, where everything from account information, financial transactions, and more are at stake. Companies want to know their data is safe and customers want to be able to customise their experience and access their information whenever and wherever without fear of breaches or vulnerabilities.
Making data protection a core pillar of your business shows your commitment to the safety and security of your customers, and your customers customers and can be a key differentiator in acquiring new business, retaining current customers, and positioning your company for long-term success.
By Chris Mullaney, vice president of compliance, UJET