Compliance and Privacy
If you are targeting many industry verticals or international customers, you need should meet the latest security and privacy compliance and regulatory standards.
Compliance standards affect the way you collect, use and store sensitive information of clients and prospects. Companies that fail to meet compliance requirements lose the capacity to expand their business to new markets and lose business opportunities.
Many of our cloud-native clients achieved compliance with the following standards through working with the Kobalt.io team. If you’re not sure which compliance standards your organization needs to comply with, you can talk it through with our security experts in a call.
Common Compliance Standards
System and Organization Controls 2 (SOC 2) is an audit procedure applicable to all technology services or SaaS companies that collect and store customer data in the cloud. It is designed to ensure that a company’s organizational security controls and practices can effectively safeguard the privacy and security of client data. SOC 2 is often the first compliance standard that SaaS companies choose to comply with and has become the defacto standard of choice for many customers assessing the security of their SaaS suppliers.
Who needs to be SOC 2 compliant?
If you are a technology or SaaS company that stores customer data in the cloud, achieving SOC 2 compliance can help drive business demand.
Trying to determine which compliance standard is best for your organization? Download this cheat sheet to cut through the confusion and pick the right compliance.
Before an organization chooses to do business with a service provider, it would use security questionnaires as a tool to evaluate and validate the service provider’s security controls and practices. If security standards are met, service providers can earn clients’ trust and close deals faster.
Service providers typically take a few hours or even days to complete a single security questionnaire. It is not time-efficient to have team members spend days completing multiple security questionnaires per month. This is where Kobalt.io come in to help you make the most out of your team’s time.
How we do it
By following the workflow above, Kobalt.io can help you complete security questionnaires faster, shorten the deal-closing process and help achieve compliance at the same time.
Utilize data with confidence and reap the rewards
As businesses transform and innovate in a data-driven world, they face a growing number of privacy and data protection laws, both locally and cross-border. This leads to uncertainties surrounding data usage, resulting in missed business opportunities and breaches.
Kobalt.io has a suite of privacy services that can help you effectively map out your due diligence and compliance obligations under local and cross-border privacy laws. These services allow you to protect your clients and use data confidently.
Privacy Gap Assessment
A 360 degree review of your business’ privacy program to identify areas of improvement. The findings can help your team make better decisions on privacy management strategies.
Assessment areas include privacy policies, data processing procedures, privacy breach containment education and training.
Privacy Impact Assessment
A due diligence document to make sure that your business protects the personal information it collects or uses for a flagship product (e.g. a SaaS solution) or an app – from its initial collection
, to its use, disclosure, retention and destruction. Conducting a Privacy Impact Assessment can be a critical path item to selling to many larger organizations.
With a refined process of handling personal data and evidence of due diligence, you gain a competitive advantage and earn clients’ trust.
A designated DPO that works alongside your team at a fraction of the cost of hiring an internal DPO. Outsourcing DPO can help you save money and time for training, and avoid your team members from wearing too many hats that affects their quality of work.
Benefits of excellent privacy management
Frequently Asked Questions
To ensure that you are lawfully processing personal data in order to run your business and not over-collecting information that you don’t need. Any unnecessary collection or processing of personal information may be considered a privacy breach.
No, because you still need to examine all of the other ways in which personal information is being processed. This includes evaluating the consent forms and notices that you deploy whilst using your product, knowing when you are permitted to collect with consent and when consent is not required, ensuring your policy is tailored for customers in other jurisdictions and ensuring any internal processes to collect personal data are compliant.
Yes, because even if you are not collecting personal information from consumers, you are still gathering personal data relating to your employees and need to know how to handle that information. You are still legally bound to safeguard their personal information. Additionally, you are still gathering some personal information in the form of cookies on your corporate website.
Yes, we are SOC 2 compliant. We do our best to protect our clients, partners and employees by implementing strong cybersecurity controls and policies.
Any individual or entity processing personal data of individuals in the EU (or “data subjects”), including public authorities, agencies, and other organizations, is subject to GDPR.
The nature of your processing activities will determine how GDPR specifically affects your business. Regardless of the size or structure of your company, there is a good probability that you fall under its purview.
If you are not sure whether GDPR applies to you, best is to assume that it does!
If companies operating outside of the EU handle, process, or retain personal data relating to individuals in the EU, or if they process personal data on behalf of EU companies, then they must adhere to GDPR. Therefore, regardless of where you are located, you must ensure GDPR compliance if you do business with individuals and organizations in the EU. Additionally, some businesses won’t partner with companies that aren’t GDPR-compliant.
To make sure you are compliant, you must carefully examine and account for all of your current data processing endeavors. Take the example of using consumer data for marketing: have you received express consent to do this? Is that consent explicit, conspicuous, documented, and revocable? If not, you will need to make changes to your current procedures to ensure you are compliant.
What will preparing for GDPR compliance cost my company?
Much depends on your current level of efforts in terms of data protection. Do you currently make an effort to adhere to best practices in areas like mapping, processing, transparency, and security? If so, implementing and operationalizing the new requirements of GDPR might not be a costly ordeal.
The complexity, volume, and sensitivity of the personal data you possess, as well as whether your current technology enables you to appropriately safeguard the data and respect data subject rights, will determine how much you will need to invest in new technology and processes.
This should not be seen as a burden necessarily. All these steps are designed to shield you from the possibility of sanctions, levies, or penalties. Investing in compliance can help establish your business as a data privacy “champion” and safeguard you from the threat of punishment. In an age where you and your competitors run on customer data, having GDPR compliance can provide you with a crucial competitive edge by building customer trust and loyalty for the long run.
The GDPR mandates that you keep data protection in mind from the outset, whether it is a new analytics project, an update to your dispatch procedure, or the creation of a new marketing database. This is what we refer to as “privacy by design”. You are effectively hardwiring data protection into your processes, tools, and projects from the earliest possible stage rather than thinking about it afterwards as an add-on. This is how privacy becomes organic and part of the overall design of your project or software.
The rationale behind this strategy is that you can spot privacy problems and address them before they escalate into serious issues, thereby sparing your business time, effort, resources, and money while protecting your customers’ rights.
- The types of personal information you are collecting, from whom, and the purpose of that collection
- The steps your business takes to protect personal data
- How your business intends to store and back up personal data
- Geographically-specific privacy notices, tailored to the requirements of those jurisdictions
- Explanations and instructions on how data should be stored and backed up
- Explanation on how the company ensures personal data is kept accurate
- What situations and to whom the company or employees may disclose and release data
- How the business informs people about the personal data it owns
- Procedures to comply with when transferring personal data out of country or overseas
- The contact person at your business who can answer questions relating to customer personal data