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Data Trust

Strengthening organizations’ data governance, discovery and protection

Data-driven innovation and emerging technologies are having a significant impact on businesses and society. Data has the potential to help improve health outcomes, lower costs for services and drive economic development and innovation. But while data use creates opportunities, it also introduces risks.

Increasingly stringent regulations around the world (like the European Union’s General Data Protection Regulation and Canada’s Consumer Privacy Protection Act) and shifting market expectations are making it harder to unlock value out of data. And some organizations are losing touch with how their customers truly feel about data protection. According to the PwC US In data we trust report, 55% of business leaders say consumers have more trust in how companies proactively protect their data now than they did two years ago—but only 21% of consumers actually report increased trust.

Using data to unlock the full value of data responsibly, while also focusing on its secure and ethical use, must be a priority. The answer to this challenge is a data trust strategy: one that simultaneously maximizes data’s ability to create value and minimizes its capacity to destroy it. Organizations that want to manage, govern and unlock data value securely and ethically must treat it as a strategic asset.

With advances in technology, data processing and storage, trust has become something companies must provide to their clients and employees. According to our Global Digital Trust Insights 2021 survey, 40% of executives say they’re accelerating digitization. To establish trust today, companies must transform how they navigate everything, from customer experience to third-party relationships, regulations and an expanding cyber threat landscape.

Creating and fulfilling this strategy will take a new approach: a team with cross-functional expertise in finance, lines of business, data science, ethical data use, security and privacy. And they must do it all while being innovative, finding new opportunities, delivering value and staying competitive.

Challenges in organizational data trust

Advancements in data storage and analytics have allowed organizations to scale their data footprint and get value from their data, but there are some challenges that limit organizations from achieving those goals:

  • exponential data growth, ethical use and proliferation
  • adapting to changing regulatory and market expectations on privacy, and lack of internal controls to manage the risk (e.g. no visibility into what data is in which systems)
  • reliance on third-party supply chains and ecosystems

How we can help

Organizations should view data trust as an ecosystem that allows them to create, use, share and retire data securely and transparently.

To do so, there are four key areas to consider:


Data governance

 
Make it formal. Establish and execute a sound data governance program to make sure you meet compliance requirements and unlock data’s value for your business. Centralized data governance can help you know what data you have, where it resides, how it’s changed and how to protect it.

Data discovery

 
Identify it. Companies need to secure data at rest, in use and in motion, and discover sensitive data to enforce data protection controls. Using digital risk management platforms and digital command and control centres will enable organizations to identify their data and make sure they’re using it to optimize their systems.

Data protection

 
Make it safe. Implement a number of solutions focused on keeping data secure, gaining visibility over data and maintaining the quality of data.

Data minimization

 
Optimize it. Build a data supply chain pipeline to get value from your data and drive insights. The current state of most companies is data-rich but information-poor and inadequately protected.

Learn about the steps you can take to start your data trust journey. We know this journey takes time and focus, and we’re here to help you solve these complex problems for your organization.

Check out our Privacy & Canadian Business Hub for information on emerging privacy issues, insights on regulatory developments, practical advice to enhance your privacy program strategy and much more.

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Contact us

​Jordan  Prokopy

​Jordan Prokopy

National Privacy Practice Leader, PwC Canada

Tel: +1 416 869 2384

Richard Wilson

Richard Wilson

Partner, Cybersecurity & Privacy, PwC Canada

Tel: +1 416 941 8374

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