A global survey by OpenText found that since the start of the pandemic in 2020, 76% of consumers have new concerns about how organizations use their personal data.
The shift to remote and hybrid working has contributed to this worry, with 82% of consumers being concerned about their personal data being stolen.
Andy Teichholz, Global Industry Strategist, Compliance & Legal, OpenText, shared how organizations can prioritize data management and use new technologies like AI and ML to mitigate security and privacy incident:
"Customer trust is crucial for business success but gaining and maintaining that trust is not always easy. Globally, a third of consumers (33%) said they would no longer use or buy from a brand they were previously loyal to if the company failed to protect and leaked their personal data. In today’s digital age, consumer priorities are rapidly shifting to take stock of how their personal data is being processed and used. To this end, customers are more empowered than ever to exercise their rights and reclaim control of their information by submitting Subject Rights Requests (SRRs), with our research showing that almost a third (27%) of consumers would completely abandon a brand if the company failed to respond to a SRR.
With the help of available technologies including AI and ML tools, organizations cannot only locate all personal and sensitive information, they can appropriately classify, manage, and protect it throughout its lifecycle and apply policy-based retention tools to support data minimization. They can also automate the SRR fulfilment process to ensure deadlines are met and that processes are repeatable and defensible. It’s also essential to bake cyber resilience into the fiber of an organization. While it is impossible to totally remove the risk of a breach, cyber resilience encourages a solid recovery plan to be put in place in the event of one. To create a true information advantage, establishing an integrated data management strategy will also help businesses differentiate themselves in the marketplace."