By guest author Arlo Gilbert, CEO of Osano
Hardly a day goes by without hearing about a new data breach from a high-profile company. In the face of nonstop threats to the safety of your data, businesses that fail to proactively protect their users’ sensitive personal information will face serious negative consequences.
Osano recently released a report detailing an overlooked source of security risk for your company: privacy practices. Good privacy practices help cause good security outcomes. Companies with the worst privacy practices are 80% more likely to experience a data breach, and they lose 600% more records when that breach does occur.
It isn’t enough for your business to take privacy seriously, you also need to ensure that you’re working with vendors who are good stewards of your sensitive business data. Companies share data with an average of 730 vendors, and these vendors are responsible for two-thirds of all data breaches. If you aren’t actively monitoring your vendors’ data practices, the trust your business has built with customers is in someone else’s hands.
You can download the full white paper here.
There is a perception that privacy issues are akin to a speeding ticket — you might get caught, but the downside is so small that the risk is worth running. We’re now seeing that the consequences are a lot more significant than anyone realized.
The best security safeguards in the world won’t keep you safe if your privacy practices aren’t also top-notch. There is a simple solution. By taking a few proactive steps, including data mapping, consent management, and monitoring your vendors, you can dramatically reduce the risk that your company will appear in the headlines for all the wrong reasons.
About Osano
Osano is an easy-to-use, complete data privacy platform that quickly helps businesses to become compliant with virtually all privacy legislation around the globe. Platform features include consent management, data subject access requests, GDPR representative services, and vendor monitoring. Its cookie consent management software is the most widely used in the world. More than 750k companies trust Osano to ensure more than 2 billion monthly visitors comply with data privacy legislation.