Privacy Management Identifies and Mitigates Risk

Privacy Management Identifies and Mitigates Risk

Security and risk mitigation are top priorities, whether you’re a CISO focused on strengthening security, a compliance officer managing risk, or a CFO safeguarding the company’s financial interests. But many organizations carry excessive risk, especially related to sensitive data and access:

• In one global risk report, the average company found 534,465¹ sensitive files; 
  17% of all sensitive files were accessible to every employee.
• 53%² of companies found over 1,000 sensitive files that were accessible to every employee.
• IDC found that 83%³ of companies have had at least one access-related cloud data breach.
• 60%⁴ of companies cite insufficient visibility and access controls as a major security threat.
• 37%⁵ of consumers surveyed received notification that their personal data had been compromised in at least one account in 2023.

Often the scope of data vulnerability is so large that companies don’t know where to begin. 

Risks Are Compounding

The figures above are just the risks that we know of currently. The explosion of data, combined with the increasing use of cloud services, shadow IT, and artificial intelligence, means that companies are dealing with more risks than ever before.

Since 2021:

By this year, it’s estimated that:

Companies need to not only mitigate the risks they know exist in the business now, but also future-proof the business against threats that are quickly evolving. 

Data Privacy Management: Your Head Start in Minimizing Risk

You can’t protect what you can’t see. Identifying and safeguarding personal sensitive data through a robust privacy program mitigates risk throughout an organization.

• If you clearly understand where your data resides and how it’s being used, you know where to implement stronger security and access controls and minimize data.
• By simplifying the process of mapping data and enhancing the ability of IT and risk teams to bring unauthorized software under management, teams can reduce inefficiencies, eliminate redundant services, and ensure that every tool meets the organization’s security and compliance standards.
• As AI proliferates across the organization, a comprehensive data privacy program equips privacy, IT, and risk teams with the insights and controls necessary to mitigate risks, ensuring that AI can be integrated into your operations without compromising consumer trust or regulatory compliance.

Privacy controls and data management can help IT and security teams quickly and accurately pinpoint which systems need heightened protection, enabling them to set priorities and craft a comprehensive plan to protect the whole organization against threats.

How Can Osano Help Identify and Mitigate Risk?

Osano plays a critical role in identifying and mitigating risk, enabling organizations to proactively address potential compliance gaps, reduce exposure to privacy violations, and manage data responsibly.

Osano not only helps ensure compliance with evolving privacy regulations but also enhances security and financial risk mitigation, allowing teams to be part of a more holistic and collaborative approach to risk management and enforce a strong privacy posture across the organization.