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Posted December 14, 2020
Back in May 2017, the Economist made a bold statement: personal, private data is more valuable than oil. In the three years since they published the article, the value of private data has only appreciated. The data in question refers to both declared data, which people disclose in the course of their online activities, and sensitive personal information that industries like finance, healthcare, and education gather in the course of normal business. With so much value built up around personal data, data security and privacy compliance have become an essential function for any company that catalogs their clients’ personal information.
Regarding digital data, more than 3,800 data breaches happened in the first half of 2019 alone, resulting in an average cost of $8.19 million per breach. In terms of private data aggregated for distinct business purposes, the average company has more than 500,000 customer or patient files, with 53% of those companies leaving a significant portion of their files left unprotected.
Fortunately, the regulatory landscape has evolved in response to privacy compliance concerns. We’re going to examine the topic of privacy, specifically around regulatory compliance and what your company can do to build a strong privacy program.
Before diving into individual privacy compliance regulations, it’s beneficial to understand what we mean by privacy compliance.
The field of privacy compliance consists of all the practices and policies that a company employs to stay in alignment with existing regulations and to anticipate coming regulations or shifts in the industry’s temperament.
Privacy compliance is not a simple subject to interpret or implement, however, especially if your company is multinational. Many of the United States’ business partners have their own privacy regulations that must be adhered to on top of legislative concerns at home. A well-crafted privacy compliance program must take into account a wide range of moving pieces, determining which are germane to the situation at hand.
In the course of normal business operations, companies gather massive amounts of data from consumers. According to Microsoft, people generate a whopping 2.5 quintillion bytes of personal data every single day. That data ranges from key demographic information, to financial data, to browsing habits. While much of that data is used to make the world a safer and more productive place, it can also be used with bad intent should it fall into the wrong hands. An increasing chorus of voices is calling for data to be considered a basic human. But until that viewpoint becomes globally recognized, it’s up to companies to protect sensitive, private data.
In order to implement an efficient privacy compliance program there are a few basic practices that your company can put into place in order to build a solid foundation. Begin by understanding which regulations are applicable to your specific industry. Regulations differ by country; portions of your enterprise might be subject to a concert of concurrent regulations. Before you begin planning, you must understand what you’re planning for.
In order for your privacy compliance program to be successful, you must foster an environment that focuses on compliance. To do that, you must adequately communicate regulations to your frontline employees; they must feel enfranchised and empowered to keep clients’ information safe. You must build a culture that stresses ownership over customer privacy.
It is also important to set down a detailed process both internally and externally. In-house, it pays to maintain detailed documentation standards that clearly define what data your agency retains, why they retain it, and the method in which it is retained. You must also stress transparency to the public as well. Make sure your clients understand what information you gather and why.
The final step is to assess and test your methods in order to continuously refine and improve your privacy compliance program.
Understanding the range of regulations and requirements provides an essential foundation for your entire privacy compliance program. Below is a cross section of worldwide data security regulations.
GDPR, or General Data Protection Regulation, originated in the European Union. GDPR is designed to give citizens of the EU a greater level of control over their own personal information. GDPR places the burden of protecting sensitive client information on the business, and imposes penalties if sufficient security measures aren’t put into place.
CCPA stands for the “California Consumer Privacy Act.” This US-based law gives consumers much broader power over their personal data. The law stipulates that consumers have a right to know precisely what information companies collect and how they intend to use it. Additionally, consumers have the right to request a company to delete their personal information, and they are given an option up front to opt out of having data collected in the first place.
PIPEDA stands for the “Personal Information Protection and Electronic Documents Act.” PIPEDA serves as the Canadian counterpart to the EU’s GDPR. PIPEDA protects Canadian consumers by giving them access to personal information gathered about them and the ability to challenge its accuracy upon review.
The IAPP, or International Association of Privacy Professionals, is a global non-profit organization whose goal is to discuss emerging trends and practices in privacy compliance, while educating the public about emerging risks. With twenty years of experience in the privacy compliance space, the IAPP positions itself as an expert resource in the field.
DSAR, or Data Subject Access Request, is not a regulation itself, but rather a tool that larger regulations like CCPA or GDPR give to consumers. A DSAR is a consumer’s formal request to access their stored data. A DSAR gives them access to the information itself, as well as how the company obtained it, and the legal basis for collecting it in the first place.
A DPO is a new C-level role that deals specifically with customers’ data protection. The acronym stands for Data Protection officer. A VDPO is a virtual data protection officer. The protection officer is tasked with building a company’s privacy compliance program and making sure it adheres to all necessary regulations. While a DPO is likely to know your specific country’s regulatory compliance standards, a VDPO is a professional that knows compliance on a global scale and understands the legal and regulatory nuances. VDPO professionals usually work by contract, and can be a great as-needed solution for small to medium-sized businesses looking to bolster their compliance and large businesses that just can’t find the right talent.
Between all the different international regulations and the complexity of your business, building a privacy compliance program can be a difficult task. Greycastle Security offers a full suite of sustainable privacy compliance services including risk and compliance assessment, privacy operations and execution, privacy program design, and VCISO/ DPO services.
GreyCastle Security does not believe in a one-size-fits-all approach; we believe in tailoring the perfect fitting product to the size of your company and its specific needs. Through individual consultation, we can help your company navigate global regulatory compliance. Please contact GreyCastle Security to get help building your privacy compliance program today.
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Ho Chin is Chief Financial Officer at GreyCastle Security. In this role, Ho leads Finance, HR, IT and Professional Development. As part of the executive leadership team, Ho works to establish the company’s overall strategy and ensure proper execution of the supporting initiatives pertaining to the above areas of responsibility.
Prior to joining GreyCastle Security, Ho led finance and administrative functions at multiple private equity and venture-backed portfolio companies across multiple industries. Ho holds a bachelor’s degree in Accounting from Pennsylvania State University in Centre County, Pennsylvania and a master’s degree in Business Administration from the Wharton School of Business at the University of Pennsylvania in Philadelphia, Pennsylvania.
Michael Stamas is an entrepreneur, board member, Vice President and a founder of GreyCastle Security. With more than two decades of experience in the technology sector, Mike pairs his management and business development skills with a deep understanding of cybersecurity. Mike brings a unique brand of risk-based advising to GreyCastle clients and prospects.
Mike holds certifications in numerous security and technology related areas, including the Department of Homeland Security and other security technologies like Symantec, Cisco and Microsoft.
Mike plays an active role in his community and serves as a board member and Vice President of InfraGard Albany as well as an advisory board position with the Capital Region YMCA.
Mike has been recognized for his numerous achievements through various honors including the Albany Business Review’s prestigious 40 Under 40 award.
Dan Kalil is Chief Executive Officer (CEO) and Board Chairman at GreyCastle Security. In this role, Dan provides vision, leadership and strategies that drive GreyCastle Security’s position as an industry leader. With an emphasis on customer success, Dan’s profitable growth model leverages a customer-centric business approach that balances employee wellbeing and social responsibility.
Prior to becoming CEO, Dan served as the company’s Chief Strategy Officer, during which he supported multiple acquisitions and helped the organization achieve substantial sales growth. In addition to serving as CEO at GreyCastle Security, Dan continues to hold the position of Chief Commercial Officer (CCO) at Assured information Security (AIS) in Rome, New York, a company he co-founded in 2001.
Over the course of the last 22 years, Dan has been committed to advancing the state of cybersecurity and has played an instrumental role in the identification and development of critical, next-generation cyber capabilities. He has held positions in almost every facet of cybersecurity, beginning as a computer forensic examiner and progressing through the management and executive leadership ranks. In addition to co-founding AIS, Dan has facilitated multiple cybersecurity startups, raised investment capital and has served in various lead and support roles toward the acquisition of five companies in the last eight years.
Dan has a bachelor’s degree in Cybersecurity and a master’s degree in Cybersecurity from Utica College in Utica, New York.
Dan Maynard serves as GreyCastle Security’s Chief Operating Officer, where he currently leads Sales, Marketing and Legal.
Dan has enjoyed a 30+ year career in the Information Technology and Telecommunications industry, during which time he has held various leadership positions for organizations such as Rochester Tel/RCI, Citizens Communications (Frontier), PAETEC Communications, IntegraOptics, tw telecom/Level3 and Centurylink.
In addition to various voice and data technology platforms, he possesses a strong background in leadership development, sales and marketing leadership, transformational leadership and strategic planning. Dan has a thirst for knowledge and as a committed lifelong learner, he encourages and supports professional development initiatives for his teams and continues his involvement with Vistage International.
Dan holds a bachelor’s degree in Biology from Lafayette College in Easton, Pennsylvania, where he was selected as a member of their Athletic Hall of Fame in 2016.
When not at work, Dan enjoys traveling, golfing, attending Utica Comets hockey games and relaxing in the Adirondacks on beautiful Canada Lake with family and friends.
Dan Didier is the Vice President of Solutions and board member at GreyCastle Security.
Dan has been a cybersecurity practitioner for more than 20 years and uses his knowledge and experience to develop cybersecurity solutions that ensure readiness and preparedness.
Dan received his bachelor’s degree in Telecommunications from SUNY Polytechnic Institute in Utica, New York, and graduated Summa Cum Laude with a master’s degree in Information Assurance from Norwich University in Northfield, Vermont.
Our Computer Incident Response Teams (CIRTs) have responded to hundreds of breaches, intrusions, malware infections, thefts, employee investigations, fraud cases and other incidents. Our highly-certified experts have extensive experience in command, coordination and correction of incidents in nearly every industry throughout North America, from local businesses to Fortune 500 international conglomerates.
800-403-8350Francesca LoPorto-Brandow is Director of Culture at GreyCastle Security. In this role, Francesca leads all social responsibility efforts and partnerships and develops effective strategies that promote organizational-wide behaviors and attitudes consistent with a culture of safety, inclusion, teamwork, motivation and high-performance.
Prior to this role, Francesca was Director of People & Culture at GreyCastle and with her leadership, the company’s culture has been recognized by Inc. Magazine as a Nationally recognized Best Workplace, Albany Business Review Best Places to Work and Albany Times Union Top Workplaces.
Before joining GreyCastle Security, Francesca worked as an OD consultant and focused on strategic culture change at The Kaleel Jamison Consulting Group, Inc. for more than six years. There, she facilitated client education sessions, coached leaders and teams, developed and executed consulting interventions and served as strategy project leader on various client engagements. Her work has taken her into Fortune 100 companies and across borders including Panama, Singapore and beyond.
Francesca is a Lean Six Sigma–certified Green Belt, a proud YWCA-GCR board member and in 2013, she coordinated and emceed the inaugural TEDx Troy—a livestream of TEDCity 2.0. Since 2012, she has coordinated and emceed the Troy 100 Forum, a biannual forum for government, religious and community leaders to discuss issues vital to the future of Troy, New York.
Bilingual in English and Italian, Francesca holds a bachelor’s degree in Management and Technology from the Rensselaer Polytechnic Institute’s Lally School of Management & Technology. She was awarded Cybersecurity Recruiter of the year North America in 2017 by the Cybersecurity Excellence Awards.
Jamie Aiello is Senior Vice President of Services and Product Management at GreyCastle Security. In this position, Jamie is responsible for leading a high performing and well-balanced team that is ultimately responsible for the identification, selection, execution and successful performance of our company’s diverse portfolio of cybersecurity offerings.
Prior to joining GreyCastle Security, Jamie has held leadership positions with Annese and Associates, ConvergeOne and BlueSky IT Partners with a focus on delivering cost effective information technology solutions for companies across multiple verticals.
Jamie holds a bachelor’s degree in Political Science from Le Moyne College in Syracuse, New York, a master’s degree in Business Administration from Gardner-Webb University in Boiling Springs, North Carolina and a master’s degree in Computer Information Systems from University of Phoenix in Phoenix, Arizona.
