How to choose a data privacy platform that's right for your business?
Choosing a data privacy solution can seem intimidating, but no worries... we'll help you through it and break it down step by step.
Trust is the foundation of any business. The result of a single data breach can cause a company to lose trust that has been built up for years, negatively impacting its operations, reputation, and hiring. And what about consumers asking for more control and transparency over their data and personal information? <hl>Their trust in your business could be drastically affected by the experience you’re providing them with.<hl>
That's why businesses are willing to put in more effort in making sure they cover all of their bases in terms of their users' data privacy management.
Today, more than ever before, a business must answer not only to its users but also to comply with ever-changing privacy regulations and a globally growing number of related legislation (like Europe's GDPR and California's CCPA).
Off to a flying start
Privacy technology, a relatively new field, was founded to create suitable tools to answer the need for user data privacy management. With a growing number of regulations and compliance requirements in different countries, privacy solutions and platforms need to be dynamic and robust.
The two biggest challenges for buyers in this rapidly growing market are:
- Defining and understanding their current and future privacy requirements
- Evaluating these requirements against the available products
If you're reading this, <hl>you're probably asking what set of features and options could best fit your company's needs? What are the most important things to evaluate or consider when choosing a privacy platform? What should you look for in a solutions provider? And lastly, what makes solution A better than solution B?<hl>
This article aims to help you better understand the complexities of the different data privacy solutions and make the best decision for your company. We're also going to compare the offerings of some of the leading privacy tech providers based on the criteria we have set (on a high level).
You need a privacy tool; now what?
First, you need to define the features and options that fit your current needs. I say 'current' because these needs are guaranteed to shift due to changes in the set of considerations in the next chapter.
Essentially, we can break down these features into the following common groups:
- Management and fulfillment of users' privacy requests, including data access and data erasure requests (DSR, DSAR).
- Consent preferences management & implementation across company systems and, most importantly, on company websites.
- Data mapping of external company data sources & PII tracing for privacy compliance requirements.
- Risk assessment tools for potential privacy impact by third-party vendors and data sources.
- Compliance assessment and management tools related to required regulations or standards across multiple geographies.
- Reporting and auditing tools related to required regulations or standards across multiple geographies.
Once you've clearly defined your desired set of requirements (based on your user base size, business assets, and countries of operation), you'll need to evaluate it against various considerations.
Some industries have individual requirements that have to be considered, making data privacy all the more complex. Such specific standards may apply to sectors based on their purpose, customer demands, and governmental regulations. Prominent examples include:
- Social media organizations
- Educational institutions
- Financial businesses
- Health care services
The last piece of this puzzle will be taking geographical considerations into account.<hl> Depending on where your business and customers reside, you will need to research the requirements for data privacy compliance in each of those countries.<hl>
ICLG.com gives you a handy up-to-date guide for data protection laws and regulations, as well as specific information based on your choice of country. You should also consult with
- Legal and/or privacy experts to make sure you are compliant and taking everything into account.
- Prospective vendors to ensure that their products correspond to your required guidelines.
Let's go shopping!
When all of that research is behind you, it's finally time to compare the different providers and their offerings. This software you're taking on for your business is a long-term commitment, and as such, you need to make sure you're taking on the right partner.
We recommend you pay close attention to:
- Their support team availability and level of service.
- Their product functionality and inventiveness.
- Their pricing and ROI time (especially compared to other solutions).
- Their ability to evolve with you to accommodate your needs for an extended period (you wouldn't want to change your data privacy software provider too frequently).
- Their ease of setup and ease of use, as well as the time required for the implementation and training.
<hl>Don't shy away from booking demos and taking on trial periods with several data privacy management tools.<hl> Testing the software for your actual business needs is the best way to indicate which tool fits your needs. Furthermore, the interactions you have with a provider's sales, product, and support teams, whom you'll encounter along the way, will give you a clue as to whether you're making the right decision when you choose them.
Comparing the 'payback period' is just as important for a business running on a budget. When reading verified customer reviews on leading SaaS comparison websites like G2, you'll learn that the return on investment time (payback period) of Mine PrivacyOps is estimated to be 3.3 months among our customers, whereas the same estimation for other privacy software is much higher — 19.18 months on average.
There you are: a high-level comparison of leading privacy tech solutions.
Don't get overwhelmed.
To conclude, buyers in the privacy management market have many choices. The product features, combined with your set of requirements and considerations, factor into your choice of the right fit for your business.
No matter what answers to your questions you ended up with, we hope this article helped inform and prepare you properly as you go into this process.
If you need any more consulting, our expert team is ready to assist you instantly with any specific questions via chat. We invite you to book a free demo of Mine PrivacyOps with us as you take the first step.