With the increase in the number of cybercrimes faced by small and giant tech companies, the cybersecurity boards are coming up with more and more innovative solutions.
One of them is Data Privacy. This is because concerns about data privacy and security have skyrocketed. The increase in the need for proper security systems has given rise to the Data Privacy Act. In the future, companies have to be more vigilant in implementing the Data Privacy Act.
The unique feature of data privacy is that it can play any role in an organization. It ranges from creating and implementing corporate strategies to staying in alignment with security and HR throughout the process. It applies to all kinds of businesses and industries.
Now let us discuss in detail, why data privacy is important for a company.
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Importance of Data Privacy For Your Business
- Your company contains a lot of consumer information within itself. Any kind of data leak can result in publicizing sensitive information that harms both your company and your consumers.
- A data leak can severely harm your company’s reputation. Your customers would slowly lose their faith in the company if it continues to happen and move to their competitors.
- Data privacy ensures long-term protection. Your company does not have to worry about any cyber attacks for a long time.
- Data leaks could lead to a revenue loss for a company which is not good for the long term.
- Several cybersecurity companies are providing Data Privacy activities and are also implementing them using their unique strategies and approach to stop a potential cyber attack.
Five Startups That Sell Data Privacy As A Service
InCountry calls itself a “data residency-as-a-service” platform that assists overseas enterprises with storing client data privacy principles and practices in their home country.
It provides the worldwide infrastructure to store and retrieve data in the nation of origin. It also offers an API that routes data between InCountry’s local data centers. Local data centers are offered by Amazon Web Services, Microsoft Azure, Google Cloud Platform, and Alibaba Cloud.
The InCountry platform is more about establishing a local repository for certain regulated data than it is about replacing an application’s data store. the country currently only has one product, Profile, which allows for compliance around user profile and registration data, but there are plans to expand this to include payments, transactions, and health data in the future.
The company began in May with $7 million in seed investment and followed up with a $15 million Series A round this month.
Atlanta-based OneTrust is a data privacy management compliance platform. Like InCountry it was created to assist organizations in complying with the expanding number of legislation throughout the world, such as GDPR and CCPA.
The OneTrust platform features a template-based self-assessment tool that allows businesses to determine how close they are to complying with GDPR, Privacy Shield, and data privacy laws and regulations as well as “data mapping,” which helps businesses understand how data flows inside and across borders.
OneTrust also provides marketing tools such as cookie compliance, mobile app compliance, and consent management, as well as risk management and breach response. OneTrust secured $200 million in its first round of investment earlier this month, valued at $1.3 billion, demonstrating the rising importance of data privacy compliance services.
TrustArc creates data security, certification, and compliance tools for businesses. It’s platform is designed to assist firms to manage regulatory risk and discovering holes across many data privacy principles and practices.
TrustArc, like OneTrust, can manage GDPR cookie consent settings and streamline marketing campaign procedures, including user consent for outbound emails.
The San Francisco-based firm has been operational since 1997 when it was started as a charity named TRUSTe, but in 2008 it transitioned into a venture-backed for-profit firm. The introduction of GDPR influenced TrustArc’s evolution.
At the time of its rebranding, the firm conducted a study of “privacy professionals,” finding that 83 percent planned to spend a six-figure sum on GDPR compliance, with one-quarter planning to spend more than $1 million.
Privitar is a London-based company that raised $40 million last month. It assists businesses in incorporating data privacy and ethics into their data projects, allowing them to use massive, sensitive data sets while adhering to legislation and ethical data standards.
Privitar Lens is one of the company’s technologies, meant to assist businesses to develop “privacy-preserving access to sensitive data sets.”
Then there’s Privitar Publisher, which helps non-technical users develop and administer data protection rules with “privacy engineering” features like data masking and k-anonymity. It can also embed invisible watermarks in protected data to aid in the tracking of unlawful data dissemination.
SecureLink, a data-linking technology from Privitar, is meant to break down organizational data silos and allow enterprises to safely communicate information.
BigID was created in 2016, right as the GDPR was being finalized in Europe. The New York-based business uses machine learning to automatically discover sensitive data stored on internal servers and databases, evaluate it, de-risk it, and assure compliance with data privacy laws and regulations.
Large firms with petabytes of consumer data will find it simpler to unearth “black” or uncatalogued data and link it to a specific user identity thanks to the platform. Companies may also use the BigID platform to track cross-border data movements and provide customized data access reports.
Last year, BidID secured $30 million in a Series B round of fundraising. It was announced last week that it had secured an extra $50 million – through the round isn’t yet finished, so the ultimate sum might be higher.
In conclusion, the demand for personal data privacy activities would keep on growing no matter what and in the future, more and more companies are going to offer this as a service and earn a lot of money.
A company needs to ensure the security of its data. Therefore Data Privacy as a discipline is on a rise. It will keep on increasing exponentially as more and more organizations realize the value of personal data privacy. Thus there is a lot of scope for more and more companies to offer data privacy as a service. It has great potential as a source of huge revenue.