How to implement proactive email and file compliance in the digital era.
Data compliance and management has become a key requirement for businesses in today’s economy due to the arrival of new and updated data regulations such as GDPR, MiFID2, FOIA & CCPA. In the digital age, companies are responsible for increasing amounts of data, both of their customers as well as their own employees.
This is especially important for the Utilities Sector where large utility companies in the digital era are driven primarily by data.
It has been a tough time for utilities over the years with increased investment in cheaper more sustainable energies as well as more press attention being given to environmental action.
This means competition has never been fiercer for a share in the ever-shrinking pie.
Email and File Visibility
One of the most important aspects of the new data regulations is an organisation’s ability to readily access email and file data on their servers.
Most organisations already have tools in place to manage the consumer information stored in their business systems such as HR and CRM platforms.
However, when data is sent or received in email or is extracted from a database and saved in spreadsheets, documents, or other files, organisations typically lose control over it.
Emails or Files containing consumer data can be shared in inappropriate locations and with unauthorised parties, creating compliance gaps and exposing the company to unnecessary risks.
This can be increasingly difficult for utility companies, who are responsible for TBs of personal data and who work with many third-party companies.
This can get even more complicated if a Data Subject Access Request (DSAR) or FOIA is filed. At a moment’s notice, organisations need to be able to access all areas of their data be it, email or file.
These requests can cost a company large amounts of time, money and manpower if not adequately prepared. this can pale in comparison to the damage that can occur from bad press. So, while your company may have the financial security to pay the fines that are thrown at them, they may never fully recover from the damage that will be done to their organisational reputation as a result of these fines.
Some of the information collected by utility companies can be used to improve the customer experience and help your company be more responsive to data breaches.
But now, concerns about privacy and data security are becoming more widespread in today’s digital age, as outlined by Elizabeth Denham, UK Information Commissioner of ICO “That fall in confidence is bad news for us as citizens and consumers. The opportunities of digital innovation rely on people trusting organisations with their data”. And this will only continue to grow, as consumers become more educated about identity theft, fraud and data loss.
Waterford Technologies has significantly invested in the development of our product set to provide data compliance functionality for unstructured data in both email and file. We have introduced a powerful smart solution, reimagined to make it easier for you to effortlessly manage your unstructured data- no matter the size of your company.
With a product like ComplyKey, your organisations can get a unique insight into the unstructured data on their system.
ComplyKey is a cloud-based compliance and data management platform, featuring SISCIN (File) and MailMeter 7 (Mail) where you can find every single email and file in your organisation, conduct e-discovery, freedom of information and DSAR’s searches directly from your desktop anywhere. The platform gives you the ability to narrow the scope of your search across email and file data using clearly defined criteria.
ComplyKey Suite is built around two ideas, First, full visibility into your email and file volume and activity enables you to more effectively and efficiently manage your data 24/7. Second, companies need a tool that is GDPR/ CCPA/ FOIA audit-ready, flexible enough to support your data compliance policies and agile enough to deal with subject access requests (DSAR), freedom of information and e-discovery searches across your email and file data.