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Cost Savings Through Privacy Automation Breadcrumb Home Insights Blog Cost Savings Through Privacy Automation July 3, 2023 As penalties for privacy noncompliance and interest rates both continue to rise, security managers find themselves asked to accomplish more with less. Fortunately, most organizations still have large and untapped productivity gains to be unlocked through automation and integration. Why Pursue Automation and Integration? Automation can improve business outcomes in two key ways: Eliminating low-value-add, repetitive, and time-consuming tasks Eliminating human error and delays In the context of information security, this means data protection and privacy compliance can be improved while simultaneously reducing the number of person-hours required for ongoing security operations – the dream of any CISO. McKinsey estimates that the refinement, streamlining, and automation of data governance processes can save organizations 30-50% of data governance spend over three years, or up to $ 75 million at a midsize financial institution. Meanwhile, the 2022 Cost of a Data Breach Report from IBM identifies security AI and automation as the single-most effective means to reduce data breach costs. IBM assessed the average savings from fully deployed automation at $3.05 million. Image Where to Start One of the largest opportunities for automation in the cybersecurity world is in the privacy compliance sector. Many organizations have a long list of products and vendors that help them gather, track, and manage customer data; perform data mapping, privacy impact assessments, and privacy request fulfillment; and even to implement and verify consent handling in their customer-facing web applications. These products can offer robust functionality, but they fail in one key area out of the box: integration. At Optiv, we frequently see our clients’ automation tools surrounded by manual processes – whether replicating cases from a ticketing system to a privacy tool or duplicating privacy request outcomes into a record-keeping system. Some of our highest ROI engagements have been incorporating disparate platforms, such as OneTrust, BigID, ServiceNow, Salesforce, and more into unified and automated process flows. In Conclusion Whether looking to improve your security ROI or enhance your existing processes, it’s evident that automation and integration can upgrade your business outcomes by unifying individual privacy and protection tools into cohesive platforms or incorporating them into ticketing workflows and systems of record. If your organization could benefit from implementing Data Privacy and Protection automation, click here to learn more about our offerings, or drop us a line. By: Nicholas Morris CONSULTANT - DATA GOVERNANCE, PRIVACY, AND PROTECTION | OPTIV Nicholas Morris has experience in both consulting and engineering. He applies his passion for improving processes through technical systems development to his advisory work on data security programs for businesses of all types, from medium-sized firms to Fortune 500 corporations. Share: Optiv Automation integration Data Governance data privacy Data Protection Optiv Security: Secure greatness.® Optiv is the cyber advisory and solutions leader, delivering strategic and technical expertise to nearly 6,000 companies across every major industry. We partner with organizations to advise, deploy and operate complete cybersecurity programs from strategy and managed security services to risk, integration and technology solutions. With clients at the center of our unmatched ecosystem of people, products, partners and programs, we accelerate business progress like no other company can. At Optiv, we manage cyber risk so you can secure your full potential. For more information, visit www.optiv.com.
Optiv Security: Secure greatness.® Optiv is the cyber advisory and solutions leader, delivering strategic and technical expertise to nearly 6,000 companies across every major industry. We partner with organizations to advise, deploy and operate complete cybersecurity programs from strategy and managed security services to risk, integration and technology solutions. With clients at the center of our unmatched ecosystem of people, products, partners and programs, we accelerate business progress like no other company can. At Optiv, we manage cyber risk so you can secure your full potential. For more information, visit www.optiv.com.
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