The privacy paradox: the challenges of locking down data in an open world
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Embedding a culture of privacy-related compliance within today’s financial services firms is key to creating a flexible framework that can respond to constant changes in global privacy-related requirements. Privacy considerations should be integral to discussions regarding operating locations and the risks and benefits of potential outsourcing solutions. Even firms with frameworks designed specifically for a global economy must contend with the enormous burden on their internal resources imposed by the constantly evolving regulatory landscape.
Connecting privacy, data protection, and information security requirements as part of a comprehensive, holistic privacy governance model is a first step toward responding to the regulatory challenges of today’s global marketplace. Importantly, those firms that embrace privacy and data protection as integral components of their risk management structure will be the ones positioned strategically to compete for and retain market share in the future.