Solving enterprise privacy & compliance problems with AI
[This is “Part 1: Identifying the problems to be solved” in a series on privacy & compliance with AI].
Privacy and compliance-related technologies have gained traction especially after the enacting of the European Union’s landmark GDPR in 2018.
Two indicators that drive the adoption of privacy and compliance are invariably linked to security. They are: the fines due to non-compliance with the regulations, and the cost of data breaches that involve sensitive data.
Companies paid €1.3 billion (USD $1.5 billion) in fines over the last three years. Amazon was recently slapped with a €746 million (USD $888 million) fine for GDPR violations relating to data usage for advertising, while WhatsApp Ireland was fined €193 million (USD $266 million) for using data in ways not adequately disclosed in their privacy notices. In the US, new state-level privacy laws in California, Colorado, and Virginia add more regulations and fines for many of the same types of issues covered under the GDPR.
While regulations can have high costs for non-compliance, enterprises also have a variety of security requirements and industry standards that are designed to avoid security breaches and other negative incidents. Rules across the financial industry, like PCI DSS for retail use of credit cards, SOC-2, and ISO 27001 for SaaS companies, are designed to reduce security risks. With the global average cost of a data breach being USD $4.2 million in 2021, regulatory fines are not the only expensive events that can occur with company data.
How do current products address these issues?
Several privacy operations and management tools exist in the arsenal for executives responsible for managing data risk and compliance issues…
Data Secrets, a portfolio company of The Hive, enables businesses to get ahead of risks arising from cloud and SaaS applications, and APIs, using artificial intelligence. Our solutions are focused on identifying risk wherever applications are accessing your data — in the public cloud, in SaaS applications, and on-premises — and using rulesets derived from applicable laws (like CCPA and GDPR) to prioritize your risk mitigation tasks. Data Secrets is making privacy risk assessment and data governance more effective by filling a gap in today’s manual and reactive solutions, bringing to market real-time risk monitoring, assessment, and remediation powered by advanced AI. The Data Secrets solutions address the unique data protection challenges of today’s most data-intensive industries, including financial services, media, healthcare, information technology, across marketing, sales, customer support automation, and all parts of the digital data supply chain.