Over the past many years, data privacy has assumed great significance. In several nations, many data protection regulations have been enforced. The way companies look at data has radically changed with the coming of these regulations. It is now well known that the new currency for companies is data. Companies are forced to reconsider how this data remains in their company with the entry into force of CCPA and GDPR and determine who has access to it in order to satisfy basic compliance requirements. To tackle the ever-increasing compliance costs, security teams that can adapt to the latest requirements are crucial. Customer data security has been made a key priority by the CCPA and GDPR.
Increasing Compliance Cost Burden with Legacy Infrastructure
The phase of recovery, which makes it possible to understand how the system has been compromised, what information has been affected, and how systems are brought back up, drives much of the cost of data breaches. For many organizations, understanding the extent of damage is difficult because current security systems are not designed for adequate data visibility or access control, both of which allow security teams to track who has accessed what information and when.
Data visibility is a particularly acute problem in legacy ERP systems because they store confidential business data such as intellectual property, bank account information, or financial data. Owing to the procedural complexities, they’re also the last piece of the digital infrastructure to be updated. When updates are ignored, this results in security gaps.
The Organizational Viewpoint
The cost of compliance is largely motivated by the influx of user demands surrounding the “right to know” and “right to be forgotten.” The right to know sets out the consumer’s right to know and to download what information an agency has gathered about them. The right to be forgotten allows clients to request that all data related to them be removed from an entity’s database. Organizations should pay attention to their third-party partners or even careless employees’ possible breaches.
Outdated and disparate technology also present serious obstacles to compliance with GDPR and CCPA. One of the main challenges to the timely handling of the right to know requests is the lack of centralized, transparent data structures that make finding all relevant information on each person an expensive and lengthy process.
Most companies have no idea whether the personal information of any user has been downloaded, copied, or stored in many places without any means of tracking access within their internal networks, forcing compliance departments to manually track each case and face penalties in cases of jumping the deadline. As a result, compliance and regulatory teams have begun to come together to understand better the enterprise’s business data lifecycle and how it can be secured effectively.
Regulations and Developments in Industry
In several respects, the latest regulatory pressures brought on by the CCPA and GDPR are consistent with current developments in cybersecurity. Security features that allow real-time granular user behavior monitoring ensure that access management can be handled correctly while also adhering to the privacy requirements of the GDPR and CCPA. Consequently, businesses improve both security and compliance as they can be better prepared to respond to insider attacks, minimize direct damage caused by a breach, and cancel penalties incurred by damaging customer information. Security teams can now better handle access controls with greater means of defining and recognizing users, as well as better knowing how and when data has been updated.
With cybersecurity concerns entering the mainstream, many clients are actively seeking additional ways to protect and manage their personal data. This has improved the receptivity of employees to new company security features, such as MFA for internal systems. System administrators should unify the enhanced security expectations given by the GDPR and CCPA to reduce the cost of compliance. This is especially true for complex ERP Software systems.
Advanced data security solutions can solve problems by promoting secure migration, creating greater data visibility in new systems, and reducing compliance costs over the long term.