As data privacy regulations tighten, compliance is key when handling sensitive data. But what factors should you consider to ensure your data privacy strategies go far enough?  BIIA has recently received a NAVEX report through our friends from Global Risk Community.

The strict data privacy rules introduced by GDPR have cast a spotlight on the protection of sensitive consumer data and the financial and reputational damage that can occur if it is mishandled.

It is therefore vital that your Chief Compliance Officer oversees the development and implementation of your data privacy strategy to ensure it is not vulnerable to falling foul of these data privacy regulations. Here are seven crucial red flags that every business leader needs to be aware of to understand if your data privacy strategy is strong enough to protect your organization.

1 – Your data privacy strategy isn’t regularly discussed with stakeholders across all areas of the business

2 – There isn’t a dedicated data protection  officer or privacy committee in place

3 – Data protection and cyber-awareness  training isn’t mandatory for all employees – including the board

4 – You haven’t ringfenced a budget for cybersecurity improvements

5 – You’re not regularly evaluating potential cybersecurity risks throughout your supply chain

6 – Your incident response plan isn’t reviewed  and adapted after a data incident

7 – Your policy management program doesn’t include regular reviews of your data privacy and cybersecurity procedures

Source:  Global Risk Community:  https://mediaexplorers.lpages.co/privacy-red-flags1-navex/

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