Meeting and exceeding data privacy compliance requirements is a growth accelerator for startups. Potential investors are increasingly prioritizing data privacy compliance when doing their due diligence before investing in startups. The good enough safeguards and controls employed by startups in the past are no longer satisfactory in the current climate of ransomware attacks and data breaches. Ultimately, data privacy compliance fosters investor confidence while helping startups stay on the right side of rules and regulations.
BUILDING A DATA PRIVACY COMPLIANCE PROGRAM
As you look ahead to 2022, we provide you with guidance on building a data privacy compliance program that helps your business comply with regulatory and industry requirements. Data privacy compliance has become key to running a successful business. Generally, to build a data privacy compliance program, a business should consider four types of risks:
- legal risks;
- reputational risks;
- operational risks; and
- investment risks.
After considering those risks, a business should be able to identify the specific best practices, industry standards, and applicable state and federal regulations. Building a data privacy compliance program should include four steps:
- Communicate; and
Once all relevant regulations are discovered, a business can then decide how to best achieve their business objectives while ensuring data privacy compliance with all relevant regulations.
A business should then build an internal team consisting of all necessary stakeholders. Ideally, that team will consist of people from numerous business departments with different disciplinary backgrounds (legal, compliance, IT and security professionals). That team will then determine short-term and long-term data privacy compliance goals. Close coordination between those writing the policies and those implementing the policies is key to running a strong data privacy compliance program. The team should then proceed to building relevant policies and procedures to address the firm’s regulatory compliance gaps.
HOW WE HELP
Appolo compliance collaborates with clients to support the ongoing maturity of their data privacy compliance programs. We help clients create data privacy team, measure performance and develop and maintain an effective data privacy compliance program.
As data privacy regulations evolve, businesses must be more involved. Instead of taking on this challenge on your own, we invite you to contact Appolo Compliance for help developing an effective data privacy compliance program.