Ensuring the privacy of your customers and compliance with local data privacy laws is overwhelming. It takes away valuable time from your business operations while your team tries to figure out how data privacy laws differ in each territory. And the price of getting it wrong is hefty; EU fines demand 4% of a company’s global turnover, not to mention the innumerable cost of losing your customers’ trust.
With so much at stake, some businesses are turning to data privacy consulting firms. But is teaming up with one of these consultancies the right choice for your business? Read on to find out.
Why Data Privacy Compliance Matters
The importance of data privacy compliance is best summed up by our founder, Robert Healey:
“Businesses are failing because they aren’t complying with data privacy regulations. Studies show that about 44% of businesses fail because they ignore data privacy regulations while 47% are still falling behind, leaving 9% of businesses that succeed.”
Failure to comply has intangible harms too, including negatively affecting brand value and loss of customer trust. In the weeks following the revelation that Facebook failed to report a massive data breach in 2015, a study by Ponemon Institute revealed that trust in the brand plummeted by 52%, which translated to £90.8bn in market value lost.
When it comes to data privacy, it’s best to err on the side of caution.
The Benefits of Data Privacy Consultants
Data privacy consulting firms simplify the compliance process by focusing solely on data privacy best practices – freeing you up to focus on your business.
Other advantages of outsourcing your data privacy compliance obligations include:
- Expertise: Your business gains access to the best experts in the field without needing to hire and train in-house staff.
- Guidance: Not sure where to start towards total compliance? Consultancies know the process, so we can give you a clear roadmap to compliance and assess data privacy risk.
- Finding Gaps: If you already have data protection measures, data privacy consulting firms will help you identify any gaps in your protection to improve compliance.
- Third-party risk assessment: Managing third parties who have access to your company’s data, from how they handle the data to security vulnerabilities, is arduous. Consultancies can help assess your risk and determine how to tackle any privacy vulnerabilities.
If you find that ensuring compliance is taking too many resources away from your daily business operations, working with a data privacy consultancy is probably the right choice for your business
Why choose Formiti?
We recognise that when it comes to data privacy, a one size fits all approach doesn’t work. That’s why we offer personalised global data privacy services to markets as diverse as Thailand and California, across all sectors.
Data compliance laws are technically complex: they differ from country to country and are being overhauled across the globe. We can help you achieve global data protection compliance across all your operations with zero disruptions. We offer advice and implement the necessary processes and procedures across all your markets.
Not sure if your company could benefit from our services? Then why not book a free consultation with us and decide for yourself.