As privacy becomes an increasing concern for both large and small businesses, more companies are enlisting the help of a chief privacy officer (CPO) to handle confidential data. A CPO is responsible for implementing privacy strategies and policies to protect both employee and customer data.
Above all, a CPO must serve as the customer’s advocate, ensuring that their personally identifiable information is kept out of the wrong hands but is still usable for essential business operations. Here are a few reasons you should consider bringing in a chief privacy officer to manage your company’s data collection, data management, and compliance efforts.
1. A CPO’s keen data management skills will help them protect the privacy of your customers and business
Regardless of industry or size, companies should make it a priority to keep the confidential information and data of both customers and the business safe. A CPO is trained in steering these efforts in the right direction while ensuring transparent data practices.
A chief privacy officer should always adhere to compliance laws and regulations and will serve as a great resource for making sure your company avoids the legal risks that come with non-compliance.
2. A chief privacy officer will seamlessly handle data breaches
Over the past few years, we have seen high-profile data breaches like no other — some from corporations like Target, Sony, and Equifax. Data breaches can cost your company millions, which is why it is best to enlist the expertise of a CPO to develop robust strategies that protect all personally identifiable information. A CPO can even brief C-suite executives on these initiatives, keeping everyone in the know.
3. A chief privacy officer can keep your company’s reputation in check
No matter how successful a company may be, its reputation can be severely damaged if the organization undergoes a privacy mishap or data breach. Hiring a CPO will not only help your company stick to compliance laws, but it will also ensure the safety of critical data and confidential information.
It is important to remember that security breaches can occur in any industry, whether it’s healthcare, finance, or even retail. While you may believe that some industries are more susceptible to privacy issues and breaches, it can happen to anyone once data falls into the wrong hands. A rule of thumb: The more critical information your company handles, the more your company needs a CPO.
4. A CPO can help keep your business operations on track
Having a stellar CPO on your team may help business leaders gain more peace of mind since they know the correct strategies are being put in place to keep the most confidential data safe and secure. Companies that lack a data management expert are putting themselves at a disadvantage, especially when it comes to economic gain. In fact, companies without a CPO may be putting confidential data at risk and are more likely to experience economic loss or failure as a consequence of data breaches. These interruptions to a business can be detrimental to its success.
5. You may legally be required to hire a designated chief privacy officer if you do not have one
Besides the multitude of reasons why you should hire a chief privacy officer, another important thing to keep in mind is that you might eventually need to hire one. The General Data Protection Regulation (GDPR) in Europe mandates that companies have a CPO on their team if they process or store large amounts of citizen data, process or store special personal data, monitor data subjects consistently, or are considered a public authority.
Are you looking to add an expert in data collection and data management to your team? Let our Infinity Consulting Solutions (ICS) team help you narrow down your search for the perfect chief privacy officer. Get in touch with us today to begin your search for qualified candidates.