Governments and organizations are gradually recognizing the significance of data privacy & security as social and commercial interactions are increasingly moving to online environments. The unethical practice of collecting, utilizing, and disclosing customers’ personal data to third parties without their knowledge or consent has raised data security & privacy concerns, driving the establishment of various regulations and legislation for data protection. According to the United Nations Conference on Trade and Development, out of 194 countries, 71% (137) have established data protection legislation, while 9% have draft legislation, 15% have no legislation, and 5% even lack the data to support data protection & privacy legislation. Moreover, Africa and Asia show different levels of adoption, with 61% and 57% of the regional countries having adopted such legislation, respectively. These numbers indicate countries’ high focus on implementing data privacy & security regulations.
Digital vaults provide a secure online space for storing customer and business data, giving only the most trusted individuals access to the stored information. Governments’ increased focus on data protection drives the adoption of data protection & privacy solutions such as digital vaults. Organizations that do not comply with these regulations face penalties. Hence, enterprises are increasingly adopting data privacy & security solutions such as digital vaults to avoid heavy fines.
Businesses are partnering with digital vault solution providers to secure customer data; for instance, in April 2021, Bailard, Inc. (U.S.), an independent wealth and investment management firm, partnered with FutureVault Inc. (U.S.), an industry leader in enterprise digital vault solutions, to deploy Bailard Vault. The solution provides crucial information faster and in a secure environment.
Digital vault solutions also enable organizations to comply with various regulations; for instance, Veritas Technologies LLC (U.S.) offers digital vault solutions that help clients ensure compliance with all major regulatory bodies. Thus, increasing data protection regulations & legislation drive the growth of the digital vaults market.
Conclusion
The data privacy regulatory environment is becoming more rigorous. New privacy laws are emerging and coming into action. These regulations require organizations to implement appropriate technical and organizational measures to protect personal data. As explored in this article, digital vaults allow companies to isolate, encrypt, govern, and utilize sensitive data. Such information includes personally identifiable information (PII), payment card information (PCI), and healthcare records. It helps them to stay compliant with data privacy laws (i.e., GDPR, CCPA, HIPAA, PCI-DSS, FINRA) while delivering a modern customer experience.
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