TECH SUPPLIER Oct 2021 - Taxonomy - Doc # US48252721
IDC's Worldwide Privacy and Trust Taxonomy, 2021
By: Amita PotnisResearch Director, Future of Trust, Ryan O’LearyResearch Manager, Privacy and Legal Technology, Ralf HelkenbergResearch Manager, European Privacy and Data Security, Simon PiffVice President of Security Practice
This IDC study looks at privacy in detail and outlines key areas that businesses should focus on to improve its trust perception. Privacy policies form the fundamental tenets of an organization's core values. Tracking, recording, and storing detailed digital footprint of every individual has driven profits for many digital organizations including but not limited to social media. A trusted brand and reputation is highly conducive to continued business such that the new customer or consumer often takes note of the privacy policies of any company they chose to do business with. With an expansive ecosystem of technology partners and providers, organizations have to focus not just on proving regulatory compliance for privacy but define its core values toward data minimization. In doing so, any organization can better protect its digital assets, its customers as well as its partners in a global manner.
"Organizations are striving to go beyond proving regulatory compliance and embed core values of privacy into its day-to-day operations. The key questions for any organization to address are: How much data are they collecting? Should they be collecting that data? And how are they protecting that data?," said Amita Potnis, director, Future of Trust practice. "In many ways, this taxonomy highlights the increase in cross-functional collaboration to define the core values around data privacy, data protection, regulatory compliance, awareness and education, and transparency."