Nearly 2 out of 3 surveyed are seeing an uptick in Data Subject Requests, while more than 70% are only moderately confident they’re in full compliance
Transcend, the one-stop platform that makes it easy to encode privacy across a company’s tech stack, today announced the results of its latest survey of decision makers (C-Suite, VP, Director, Manager) from fintech, e-commerce, and B2C organizations on privacy compliance. Nearly 2 out of 3 of those surveyed indicate that they are seeing an uptick in Data Subject Requests, while more than 70% of those surveyed indicate they are only moderately sure they’re in full compliance with relevant regulations.
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Only 20% of decision makers feel completely confident that their organization is in total compliance with global privacy laws. (Graphic: Business Wire)
“Privacy compliance is getting increasingly technical in a company’s tech stack. It’s clear that the status quo and band-aid fixes remain a significant problem for legal and engineering teams as they look to realize a full privacy posture. Industry data shows that compliance challenges continue to plague the industry, as more consumers exercise their data rights and new waves of privacy laws increase operational complexity,” said Ben Brook, Transcend’s co-founder and CEO.
In response to the continued business need, Transcend is also excited to introduce another facet of its unified privacy platform—a Data Mapping product for Record of Processing Activities (ROPA) compliance. Transcend’s Data Mapping is the only unified, collaborative platform that keeps tabs on all data records, owners, and systems changes, with actionable privacy governance embedded—offering legal and privacy teams full automation, from fulfilling privacy requests to auto-generating a company’s ROPA record.
“In serving hyper-growth customers, we have seen how critical it is to have a clear, unified, and actionable platform for managing a company’s personal data—not only to meet compliance requirements but to power a privacy program’s operations,” said Brook. “That’s why I’m so excited to introduce Data Mapping product for ROPA compliance, which goes beyond anything else on the market today.”
The impetus for Transcend’s Data Mapping product
Companies operating under Europe’s General Data Protection Regulation (GDPR) must meet Article 30, the specific requirement to generate and maintain a Record of Processing Activity report (ROPA), including categories of personal data, purpose of processing, data transfers, and joint controllers, and more, where applicable.
In order to help companies effortlessly automate their privacy programs, Transcend developed its new Data Mapping product, which features a live, collaborative data map that goes beyond observability to power privacy governance, including seamless ROPA generation and automated privacy request fulfillment. With Transcend, companies gain a unified view of their personal data—auto-generated from their tech stack and updated in the data map whenever a new or changed service is detected.
Keeping track of where companies store data is a logistical challenge as they scale, which increases breach risks and leads to falling out of compliance (and fines). Today, many companies rely on manual or semi-automated surveys at procurement—and then on a repeated cadence—to keep track of data. Not only is this disconnected from privacy program operations, it opens companies up to human error, and creates knowledge gaps and outdated records. Neither existing solution solves the underlying problem of handling user requests at scale, perfect to each regulatory location, and with zero humans in the loop.
Key Research Findings:
- Only 20% of decision makers feel completely confident their organization is in total compliance with global privacy laws
- 68% of respondents agree their organization is not agile enough to remain in compliance with privacy regulation, as fragmentation increases across different regions
- 69% of organizations have seen an increase in privacy requests in the last 12 months
To access the full survey findings, go here.
For more information on Transcend’s Data Mapping for ROPA Compliance product, go here.
About Transcend
Transcend is the privacy platform that makes it easy to encode privacy across your tech stack.
We empower leading brands with freed-up resources, future-proofed regulatory stances for the laws of tomorrow, and stronger relationships with customers through respectful and compliant data transparency, consent, and control.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005314/en/
Contacts
Andrew Moon
Transcend
press@transcend.io
