Data is information in disguise. Artificial intelligence can be used to convert data into usable information and AI (artificial intelligence) can also be used to protect that data from being converted by others for illegal use. According to Gartner, Inc., a research and advisory company, more than 40% of privacy compliance technology will rely on AI by 2023, up from 5% today.
Privacy laws, such as the European Union’s GDPR (General Data Protection Regulation), present a compelling business case for privacy compliance and you can be sure many other jurisdictions worldwide will follow. In fact, more than 60 jurisdictions around the world have already proposed or are drafting privacy and data protection laws as a result.
Canada, for example, is looking to modernize their PIPEDA (Personal Information Protection and Electronic Documents Act), in part to maintain its standing with the EU post-GDPR. Privacy advocates are putting on the pressure to ensure that all personal data that is processed is under control. For the average company, this can be difficult and expensive without advanced technology. This is where AI-powered applications, which can reduce administrative burdens and manual workloads, come into play.
At the forefront is the ability of an organization to promptly handle SRR (subject rights requests). SRRs cover a defined set of rights, where individuals have the power to make requests regarding their data and organizations must respond to them in a defined time frame. SRRs can come from customers, subcontractors, and suppliers who believe their data, obtained in the normal course of business, can be used inappropriately.
According to the 2019 Gartner Security and Risk Survey, many organizations are not capable of delivering swift and precise answers to the SRRs they receive. As many as two-thirds of respondents indicated it takes them two or more weeks to respond to a single SRR. Often done manually, the average cost of these are roughly $1,400, costs which pile up over time.
AI-powered tools can help address large volumes of SRRs and not only save an organization excessive cost, but also maintain trust among those requesting the SRR. According to Gartner, through 2022, privacy-driven spending on compliance tooling will rise to $8 billion worldwide. Privacy spending will continue to impact stakeholders’ purchasing strategies. The GDPR-era demands a wide array of technological capabilities, well beyond the standard Excel sheets of the past.
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