Navigating Data Compliance: The Power of Privacy Management Software

Businesses face intense pressure to protect the sensitive information they collect. While managing large amounts of data can be challenging, they must also comply with the legal framework that governs and regulates such activities. Privacy management is a crucial part of data security laws, which are constantly evolving like other laws in today's world.

That’s where privacy management software becomes useful. Companies use these tools to secure sensitive data in restricted environments and to ensure data subjects have specific rights over their data. In this blog, we will explore how to understand privacy management software and suggest suitable products.

What is Privacy Management Software?

QKS Group defines privacy management software as a tool that allows businesses to manage and operate customer data efficiently. The personal information, consent, and preferences of each data subject gathered by the organization are processed, consolidated, and centralized into a single repository. Moreover, organizations’ privacy requirements are continuously identified, analyzed, and determined using privacy management software depending on several variables, such as location, size, and area of operation. Privacy management software offers several key functionalities, such as assessment automation, data mapping and flow, consent and preference management, policy and notice management, and privacy rights management.

Top Privacy Management Software in the Market

DataGrail

DataGrail is an integrated privacy solution that enables businesses to create complete privacy programs that empower consumers in terms of privacy and identity. DataGrail transforms massive volumes of data into simple privacy programs by streamlining new privacy regulatory processes.

DataGrail's platform offers several pre-built connections for common business systems, enabling companies to build a solid data foundation for their privacy strategy. The software supports continuous mapping, automated data subject requests, and centralized preference management. DataGrail's Privacy Control Center makes it easier to launch and expand privacy initiatives.

OneTrust

OneTrust, launched in 2016, is a global provider of privacy management software based in Atlanta, GA. The company offers a comprehensive platform that helps enterprises comply with data privacy laws such as GDPR and CCPA. OneTrust's software helps organizations identify privacy risks, develop privacy policies, and manage permission and data subject requests, thereby ensuring compliance and building consumer trust.

Securiti

Securiti enables enterprises to utilize data and the cloud responsibly by handling complex security, privacy, and compliance challenges. Their AI-powered solution enables organizations to comply with data privacy rules and secure customer data.

Securiti enables businesses to create a fully functional privacy center with an automated backend, integrated privacy regulation intelligence, and an intuitive UI. It simplifies privacy by linking to both structured and unstructured data systems and instantaneously mapping personal information to unique identities.

The software helps manage data mapping by gathering, organizing, and classifying data assets as well as processing processes in a Sensitive Data Catalog. Additional functionalities include processing data subject requests, automating privacy impact assessments and privacy-by-design, analyzing third-party privacy problems, and managing cookie and first-party consent across channels.

TrustArc

TrustArc offers a platform specifically designed to examine the various difficulties of privacy compliance across several jurisdictions. With a growing worldwide focus on data security and privacy requirements, this technology emerges as a must-have for firms looking to streamline and manage their compliance efforts efficiently.

Things to Consider When Choosing Privacy Management Software

We discussed our criteria for ranking companies on this list, but let's take it further. Here are some additional factors we used for our ranking criteria: 

  • User Interface (UI) and Dashboards: We assessed organizations with intuitive dashboards and user interfaces based on their simplicity of use. We also considered if the program had analytics, multi-user support, and other features.
  • Robust Customer Support: We analyzed whether the software provided solid support and training materials to assist users in getting the most out of the platform and resolving any issues that arose. This includes onboarding training and live customer service assistance.
  • Customization Options: We assessed whether the program supported bespoke processes and integrations. This includes updating or eliminating features, connecting with other systems, and designing new products as needed.
  • Multi-language support: Multi-language solutions provide a seamless compliance procedure across several markets, especially when businesses operate in diverse regulatory contexts.

Choosing the best privacy management software needs careful review. Here's where a market intelligence report from a reputed source like Quadrant Knowledge Solutions can be extremely valuable. 

These reports deliver an in-depth analysis of the Privacy Management Software Market Share: privacy management software, 2023, Worldwide, and Market Forecast: privacy management software, 2024-2028, Worldwide. Further, they offer insights into key vendors, market trends, and future growth projections.

Conclusion

It is vital to recognize that obtaining and maintaining GDPR compliance is an ongoing process that cannot be completed overnight.

Implementing a privacy Management software solution empowers your Privacy team to enhance initiatives, collaborate with departments handling personal data, streamline centralized management of personal data processing across the company, and demonstrate compliance with supervisory authorities.

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