Privacy
See every rule and regulation concerning the collection, use and storage of data, in a centralised, holistic inventory, tailored to your business.
At CUBE, data is our bread and butter. We classify the entire world of data privacy regulations and map them against your existing policies, controls and procedures, to ensure effective compliance with stringent global data laws and provide real-time understanding of regulatory change.
Have oversight of potential gaps in your data privacy program and employ unparalleled horizon scanning to keep ahead of regulatory and industry developments with CUBE.
How we solve for Privacy
CUBE gives you access to intelligent horizon scanning of every regulatory source for data privacy across the globe, to anticipate and understand current and upcoming regulatory requirements. Using artificial intelligence, CUBE knows the data that is relevant to your business and cuts out the noise to present only the regulations and rules that matter, from Brazil’s Lei Geral de Proteção de Dados Pessoais (LGPD) to the General Data Protection Regulation (GDPR).
Support your second line of defence by enabling privacy, general counsel, legal and information security teams to take the heavy lifting out of regulatory change management and focus valuable resources on ensuring that privacy policies and controls are effective and up to date.
Visibility
Have complete visibility of the entire world of relevant regulations for data privacy.
CUBE provides you with the earliest possible forewarning of proposed and pending regulation capturing everything related to the collection, usage, protection, retention and sharing of data.
Policies and controls
Ensure records policies and controls meet regulatory expectations.
CUBE enriches and maps all global regulations to your specific policies and controls, from emerging regulations in Asia to the California Consumer Privacy Act (CCPA) in the US. The impact of regulatory change is pinpointed, across all business lines and jurisdictions you operate in, and controls or policies requiring remediation or change identified.
Audit trail
Maintain a defensible audit trail that fully evidences decision making and actions taken relating to data and privacy.
Automated workflows enable you to demonstrate that up to date and relevant information on privacy has been routed to and actioned by responsible owners right across the business, from HR and marketing through to sales and finance.
Challenges faced by the industry
Privacy is a significant global issue; with intensified public awareness and regulatory scrutiny it presents a significant compliance challenge for financial firms. As the collection, use, and storage of personal information has developed immeasurably, attention has grown around the world to ensuring individuals and their data is protected.
The importance and consequences of privacy and data protection law continues to grow with governments and regulators rolling out stringent rules around the world to govern and protect the treatment of personal data. The European General Data Protection Regulation can lead to fines of up to €20 million, or 4% of the firm’s worldwide annual revenue, demonstrating the seriousness of breaches.
With ongoing scrutiny from regulatory authorities the expectations on financial firms to comply with requirements are already high. The escalation in the media of high-profile data breaches and social profiling means customers and employees are equally focused on the risks.
Data privacy risks continue to grow as businesses extend their international customer base, adopt new technologies and manage growing networks of suppliers and third parties with access to data. With requirements varying by jurisdiction, firms need to keep pace with complex and continuously updated regulatory obligations from global regulatory bodies, whilst maintaining policies, internal controls and employee awareness to ensure compliance with relevant laws and regulations.
