[BreachExchange] The Role of CIOs in 2021 and Beyond

[Audrey McNeil]

https://techbullion.com/the-role-of-cios-in-2021-and-beyond/

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All C-level executives have a thing in common – they foresee. In this
hyperactive digital world wherein data is the most essential commodity, it
is inevitable that a Chief-Information Officer (CIO) will focus on privacy
compliance.

A CIO is a driving force for building a sustainable privacy program and
pushes the organization in the digital landscape. However, data compliance
and privacy management is a critical area. Any inefficiencies here would
mean that the user data through the product is vulnerable to thefts.

In 2021, as the world prepares for the post-pandemic world, data generation
is expected to increase at record rates. Therefore, CIOs must lead a plan
to ensure data privacy compliance for this year and beyond.

Ensuring Total Compliance of Data Privacy

Starting with GDPR, the line-up of data privacy laws has cracked down on
digital services providers across the map. In fact, fines worth USD 63
million were issued to companies in the first year of GDPR. And that leaves
the CIOs with an important task in hand – ensure total compliance of all
data privacy laws for different countries. This is equally critical because
any failure here could cause serious financial burdens to defaulters.

Facebook, for example, incurred an overwhelming fine of USD 5 billion from
FTC after failing to address customer concerns about data privacy. USD 5
billion is Facebook’s one-quarter of total annual profits. GDPR fines
account for 4% of annual turnover while CCPA enforces payment of up to USD
750 per user affected by the breach. However, in severe cases, the cost
could go up to USD 7500 per user.

That being the scenario, CIOs should implement a system wherein all privacy
compliance guidelines are met quickly and faultlessly. This includes
scaling response protocols and preparing for the time & cost needed to
respond to a customer query, the total number of expected customer queries
and the resource readiness to execute the same.

Since compliance with multiple regulations in different regions is
complicated, organizations are also locking horns with a lack of knowledge
base. This has led to the shutting down of many unprepared companies or
raised unforeseen overhead costs and CIOs have to address it immediately.
While developing an internal knowledge base is an organic process,
associating with consulting services is the best possible solution in hand.

An operational data fabric provider, in their recent blog about compliance
management, introduced a solution that analyses customer data and delivers
an automated response to all subject data requests. Easy to set up and
completely customizable, such software collects customer data sets for DSAR
fulfillment. For CIOs, it is a great tool since the dashboard enables
instant creation of users, roles, workflows and the actions required to
manage DSARs across organizational verticals and processes.

Additionally, CIOs can make training an essential process for preparing for
data privacy compliance at the organizational level through K2view.
Therefore, workshops, guest lectures and certifications about all privacy
compliance guidelines and their faultless implementation should be included.

Ensure real-time visibility of critical data

As organizations, we are in a race with rapidly expanding data. Those who
lag in managing data a few days old are trailing in business by months. In
the wake of the pandemic, the increasing reliance on digital solutions will
only propel the volume of data in the upcoming months. The ability to
capture & analyze real-time data with a focus on making key decisions is
the biggest differentiator. CIOs therefore must begin with ensuring data
science capabilities in the organization’s process hierarchy. At the top of
it, they must hone their process expertise to decipher market trends
through research & development.

>From incoming data sets to actionable insights, this is the holy grail of
driving successful IT products & services. Today, the challenge is less
about the system landscape infrastructure and more about the data streaming
across.

With certain compliance management solutions, CIOs gain an aerial view of
the landscape and therefore ensure a single point of consent for the
customers. Moreover, the ‘Right to be Forgotten’ and instant reporting of
breaches provide utmost transparency.

Conclusion

While data security is an important part of any organization’s COE, CIOs
need not be experts of the domain. All they need is the right attitude to
embrace contemporary practices. They should spearhead all security
initiatives and build a permanent practice.
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