Friday, September 22, 2023
  • Login
CEO North America
  • Home
  • News
    • Business
    • Entrepreneur
    • Industry
    • Innovation
    • Management & Leadership
  • CEO Interviews
  • Opinion
  • Technology
  • Environment
  • CEO Life
    • Art & Culture
    • Food
    • Health
    • Travel
No Result
View All Result
  • Home
  • News
    • Business
    • Entrepreneur
    • Industry
    • Innovation
    • Management & Leadership
  • CEO Interviews
  • Opinion
  • Technology
  • Environment
  • CEO Life
    • Art & Culture
    • Food
    • Health
    • Travel
No Result
View All Result
CEO North America
No Result
View All Result

Trust, Risk, and Opportunity: Overseeing a Comprehensive Data and Privacy Strategy

in Innovation
Trust, risk, and opportunity: overseeing a comprehensive data and privacy strategy
Share on LinkedinShare on WhatsApp

Data is changing the competitive landscape. The volume of data now available to companies means they can find efficiencies, develop and target new products, gain customer insights, optimize operations, and tailor business strategies in ways they never could before, with a speed never thought possible. But collecting and using data also brings risk that it could be misused or accessed by threat actors. Converting data into value, securely and ethically, is the business imperative for the next decade.

The companies that most effectively take charge of their data throughout the data “lifecycle” will have the greatest opportunities for success. Given the opportunity and risk involved, it’s essential that boards play a key role in the process.

Data discovery

Fundamentally, the question of how companies collect, use, and protect data is tied to the business strategy. For the board to make those connections, it starts with understanding what data the company collects, how it is stored, and how it is used.

Key questions the board should be asking:

  • What types of data does the company collect?
  • What data is most valuable?
  • What data is most sensitive?
  • How is the data used and is it used ethically?

Data protection

As management protects data, the board should engage in robust discussions about the adequacy of the protection and privacy program, including information on the effectiveness of controls and whether resources are sufficient. Boards will also want to make sure they are aware of key applicable cybersecurity and data privacy laws, and any major violations.

Key questions the board should be asking:

  • What data is required to be protected?
  • What other data should be protected?
  • What processes are in place to offer that protection?

Data minimization

Once the board understands what data is collected and how it is protected, it can begin to explore with management whether any of that data could be minimized while still achieving the company’s goals for the data.

Key questions the board should be asking:

  • What types of data are collected but not used?
  • Do we have old data that is no longer used and can be eliminated?
  • In what ways could our company’s data collection (and risk) be minimized without losing current functionality or value?

Data governance

A company’s data governance will touch all of these areas: collecting, strategically using, protecting, and minimizing data. The board’s role is to oversee management’s governance of the data and ensure the people, processes, and technology in place are effective.

Key questions the board should be asking:

  • Do we have the right people, processes and policies, and technology to govern our data and meet compliance and privacy requirements?
  • How could they be improved?

Conclusion

A holistic data and privacy strategy that addresses data value and related risks, combined with a thoughtful governance approach, can help the board and management create a competitive advantage and build greater trust with stakeholders.

Courtesy PwC Available here

Tags: Data discoveryData minimizationData protectionPwC

Related Posts

Us brings back free at-home covid tests
Innovation

US brings back free at-home Covid tests

Fda approves new covid vaccines
Innovation

FDA approves new Covid vaccines

Trust, risk, and opportunity: overseeing a comprehensive data and privacy strategy
Business

Hackers are finding ways to evade newest cybersecurity tools

Cisco warns ai software could make phishing attacks harder to fend off
Business

OpenAI unveils new privacy options for ChatGPT

Global tech spend will slow to 4. 7% in 2023
Business

Global Tech Spend Will Slow To 4.7% In 2023

What’s hot this year in supply chain technology
Business

What’s hot this year in supply chain technology

Business benefits of a customer self-service strategy
Business

Business benefits of a customer self-service strategy

When retail buyers panic, a. I. Keeps calm
Business

When Retail Buyers Panic, A.I. Keeps Calm

A simpler path to better computer vision
Business

A Simpler Path to Better Computer Vision

Engineers solve a mystery on the path to smaller, lighter batteries
Innovation

Engineers Solve a Mystery on the Path to Smaller, Lighter Batteries

No Result
View All Result

Recent Posts

  • American travelers reveal best and worst airports nationwide
  • UN head urges for end of fossil fuel subsidies
  • YouTube to launch AI tools for creators
  • Tech IPO gains slump showcases Silicon Valley’s overvaluations
  • Philip Morris weighs selling stakes in pharmaceutical sector

Recent Comments

  • Juul Unveils Cutting-Edge Vaping Tech: Navigating FDA Uncertainties – iStreetPark Blog on Juul hopes FDA won’t ban its new high-tech vape
  • CEO North America, August - September 2023 - CEO North America on Interviews – CEO North America, October – November 2022
  • CEO North America, August - September 2023 - CEO North America on CEO North America, December 2022 – January 2023
  • CEO North America, August - September 2023 - CEO North America on Why Tech Companies Are Moving to Texas and Florida
  • CEO North America, August - September 2023 - CEO North America on CEO North America, February 2023 – March 2023

Archives

Categories

  • Art & Culture
  • Business
  • CEO Interviews
  • CEO Life
  • Editor´s Choice
  • Entrepreneur
  • Environment
  • Food
  • Health
  • Highlights
  • Industry
  • Innovation
  • Issues
  • Management & Leadership
  • News
  • Opinion
  • PrimeZone
  • Printed Version
  • Technology
  • Travel
  • Uncategorized

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

  • CONTACT
  • GENERAL ENQUIRIES
  • ADVERTISING
  • MEDIA KIT
  • DIRECTORY
  • TERMS AND CONDITIONS

Editorials – stuart.james@ceo-na.com

Advertising – media@ceo-na.com

NEW YORK

110 Wall St.,
3rd Floor
New York, NY.
10005
USA
+1 212 432 5800

 

MEXICO CITY

Paseo de la Reforma 296,
Floor 38
Mexico City
06600
MEXICO

  • CONTACT
  • GENERAL ENQUIRIES
  • ADVERTISING
  • MEDIA KIT
  • DIRECTORY
  • TERMS AND CONDITIONS

Editorials –
stuart.james@ceo-na.com

Advertising –
media@ceo-na.com

NEW YORK

110 Wall St.,
3rd Floor
New York, NY.
10005
USA
+1 212 432 5800

MEXICO CITY

Paseo de la Reforma 296,
Floor 38
Mexico City
06600
MEXICO

CEO North America © 2022 - Sitemap

No Result
View All Result
  • Home
  • News
    • Business
    • Entrepreneur
    • Industry
    • Innovation
    • Management & Leadership
  • CEO Interviews
  • Opinion
  • Technology
  • Environment
  • CEO Life
    • Art & Culture
    • Food
    • Health
    • Travel

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In