Many businesses are taking a sub-optimal approach to privacy management.
Data is the lifeblood of business. Every day companies digitally capture an ever increasing amount of information about consumers’ lives, behavior and online activity. Nearly every online interaction a business has with its customers and potential customers involves sharing something potentially sensitive: a password, an address, a credit card number, location, even DNA. This proliferation of data can bring many benefits, helping businesses and consumers make decisions more efficiently. But it also brings great challenges, particularly in protecting the privacy of sensitive information and safeguarding individual identities.
Cyber-attacks and data breaches fill the news, near-daily reminders of the risks associated with acquiring and holding sensitive data. Security infringements and sales of personal information represent growing risk to enterprises and consumers. Along with financial loss, Brands suffer reputational damage and regulatory sanctions when they mismanage or fail to protect personal information. With consumer data-protection laws emerging globally, investment to safeguard sensitive information is unavoidable. But many businesses are taking a sub-optimal approach to privacy management.
Data privacy management too often reflects a labor-intensive, complicated process. Companies engage with professional service consultants to define a governance regime. They work with pricey data-privacy lawyers to craft increasingly cumbersome privacy disclosures. Then, they educate employees on their policies and procedures, subscribing to outside databases to help with verification and reporting Yet most recognize that their data-privacy approach will not scale as new
oversight requirements emerge. And increased regulation around the globe and the associated requirements for compliance add substantial costs and expose businesses to the risk of very expensive sanctions.
Failures of data governance — not security — trigger the most fines and penalties. DPAs have primarily acted against the infringement of Article 5(principles of processing of personal data) and Article 6 (lawfulness of processing). These rules contain key data governance principles, such as data accuracy and quality, and fairness of processing . . . Firms struggle greatly to meet the requirements around consent and other available legal bases.
— Forrester Insights, January 2020
In a recent report, EY found that Global 2000 companies have spent, on average, $13.6 million on compliance with the EU’s General Data Protection Regulation (GDPR). Yet compliance has not been widely achieved. An EY-iapp study released last fall indicates that
The California Consumer Privacy Act (CCPA), meanwhile, is a ticking timebomb that forces companies to face the real costs and responsibilities associated with managing consumer’s personal information. Businesses cannot solve the complicated problems that CCPA poses with a professional services approach. To boost their ability to flexibly address a variety of evolving regulatory requirements, organizations have to move past the reactive and disconnected privacy projects of the past and embrace a more holistic, technology-based solution.
Even as businesses redraft their privacy notices and add privacy professionals to their rosters, the underlying issues remain: Consumers have no control over the data they create, no visibility into how it’s used and little ability to accrue value from their data. Companies waste billions in mistargeted advertising and marketing outreach and are slowed in their innovation due to incomplete or incorrect customer data. And data brokers scrape individuals’ data without their knowledge and sell it to businesses that feel they have no alternative to this dubiously sourced data.
The privacy and security of personally identifiable information has been a persistent irritant for as long as the internet became commonplace. And now, as the economic stakes, social consequences and regulatory implications get more and more serious and pervasive, protecting personal data has become the defining business issue of our time.
We’re seeing a social shift in the long-term effects of privacy. As more companies build up troves of information about us and billions more in venture capital targets our personal data for resale, consumers are starting to question more deeply their growing lack of data privacy and control.
Relying on businesses to fulfill their privacy commitments or turning off on-line tracking mechanisms aren’t enough. We need new innovation focused on identity protection that is transparent and assured. This will in turn let consumers share personal information with companies in a respectful manner that protects their commercial rights.
Mismanagement, negligence and theft of sensitive personal information are persistent problems online, the importance of which has grown in line with the value of that data and of the companies that gather, hold, use and manipulate it to both serve and sell to their customers. The problems have now reached such proportions that, unless they are addressed decisively and comprehensively, consumer faith in the Internet itself could be irreparably damaged.
Manetu, Inc. has built mission-critical technology for managing the personally identifiable information (PII) that a company holds about its customers and potential customers. Manetu Consumer Privacy Management (CPM® ) system is the platform across which companies and their customers collaborate to manage consumers’ sensitive information so that companies can provide them with the best possible services while ensuring they feel protected.
Manetu’s innovative technology solution will re-establish trust between organizations and their customers around data rights, transparency, and ownership. Manetu is at the forefront of data security. Its offering will help solve one of the most pressing organizational issues of this decade.
For the enterprise, Manetu provides tools and infrastructure to survey, discover and manage PII within the various systems used to run their business. And on the consumer side, Manetu CPM lets individuals determine what data they will share and for how long. This data can be shared at very granular level and with varying levels of sensitivity and access.
Manetu CPM is the enterprise infrastructure that a business needs to securely access, classify and monitor its customers data; one that better supports a business’s digital properties and marketing operations and facilitates regulatory compliance.
In addition to sharing specific data, Manetu allows the enterprise to define and capture consumer consent for the specific uses that an enterprise may have for the information it holds about them.
Manetu’s CPM platform uses efficient machine learning models to discover personally identifiable information within a business’s data storage sources. Its correlation algorithms find personal information across the enterprise that is linkable to an individual.
Using API Gateways and Connectors, Manetu can ingest sensitive consumer information from enterprise applications like Salesforce, Outlook or ERPs into its uniquely secure control plane. Once secure in the Manetu control plane, consumer consent, as required by law, is necessary to access that personal information. This control allows consumers to determine what data they will permission to you at an attribute level and quickly and painlessly change their mind. With bi-directional synchronization, only the data items that the consumer has consented to make available will re-populate back into the enterprise application, thus ensuring CCPA and GDPR compliance.
Written with post quantum concepts, Manetu’s middleware generates an immutable record that tracks all transactional activity to ensure a single source of operational truth. This audit trail will support the fulfilment of any regulatory requirement and allow for better oversight of access controls. By providing an inventory of processing activity, companies will be able to share a verifiable picture of what personal information is collected and how it is used.
Manetu’s CPM provides visualization tools for intuitive analysis and monitoring capabilities.
All of this is delivered as a seamless, cloud based service so your business does not need to worry about challenging integrations nor additional assimilation costs. Sensitive data is not visible to Manetu; its platform only holds unshaped bits and bytes, and you can unsubscribe to its service any time you like.
Trust in brands is an important part of any purchase decision yet only 1/3rd of consumers say they trust the brands from which they buy. More and more people are becoming aware of how much information is collected and used to influence them.Manetu’s consumer privacy management platform makes personal information the priority in your data architecture and shows your customers that they are #1.
With Manetu consumers have a simple, secure and meaningful way to control their personal information. In return, businesses receive next gen end-point authentication and a uniquely secure foundation.
Manetu CPM is the platform for collaborating with your customers to manage all their sensitive data. It lets your customers determine what data they will share with you and for how long. This data can be shared at a very granular level and with varying levels of access thereby assuring your customers that their data is protected. Manetu CPM is the enterprise solution you need to securely access, classify, and monitor your customers’ data; one that facilitates regulatory compliance.
One company’s success relative to another will increasingly be determined by its data privacy record. Manetu enables brands to transform regulatory compliance into trusted relationships with consumers. When your business deploys Manetu CPM, it shows customers that you are serious about data rights and protecting individuals on-line.
There’s a better way to manage sensitive information and protect consumers’ privacy.
Get started today www.Manetu.com