Akarsh Singh is the Chief Executive Officer and Co-founder of Tsaaro, India’s premier Data Privacy and Cybersecurity consulting company. As the company’s CEO, he leads the Data Protection Consulting team and is responsible for directing the management, developing the company’s strategy, and putting it into action. This young entrepreneur has a strong vision to establish an efficient data secure environment by constructing powerful data security technologies, based on his industry expertise of more than 5 years in the Data Privacy and Cybersecurity field. Mr. Singh earned a Manufacturing Engineering degree from the National Institute of Foundry & Forge Technology. He has also been a Fellow In Information Privacy (FIP), CIPPe, and CIPT, being of the youngest FIPs in the world.
Starting a business might be challenging, but incorporating data privacy from the start doesn’t have to be. While large organizations may struggle with the reorganization required to establish their privacy operations, startups cannot afford the resource drain caused by these challenges and can, thankfully, avoid them. In reality, a pre-seed or seed-stage company can gain a competitive edge by incorporating privacy into its products, services, and processes early on. Then they’ll be prepared for any future legislative changes.
When you ignore data privacy during the early phases of your business, it might have significant consequences later on. Particularly when attempting to expand internationally after establishing a strong domestic basis. When selecting a base abroad, such as in the United States, and transferring data to third parties, the parties must still follow the GDPR.
Considering the data privacy concepts “privacy by design” and “privacy by default,” it’s no surprise that more businesses are looking to define their privacy strategy early on in their journey. Knowing that your organization will use app data, for example, will impact your privacy approach. Privacy must be a top priority if your business deals with sensitive personal data, such as medical information.
Implementing a solid data privacy strategy from the start will provide your company with several strategic advantages:
- Privacy is key to establishing your brand and trust in your company.
Customers expect careful and transparent handling of their data, leading to a loss of marketing revenue if a company doesn’t consider it.
- Looking at why and how you collect data can influence how your product is developed and save time and money by designing with privacy and data protection in mind.
- When working with investors, ignoring data privacy can be an obstacle and lead to delays or loss of deals. Many Venture Capitalists (VCs) expect to see a privacy strategy from the get-go.
Here is a simple checklist on Data Privacy Legislation compliance for startups :
- Conduct data mapping
Where is your data coming from? And most importantly, which types of data are you collecting? Understanding your data sources is critical for implementing full GDPR compliance and creating a solid privacy strategy.
- Appointing a DPO
The early appointment of a Data Protection Officer is advisable, as it points you in the right direction and builds structure at an early stage.
- Limit data collection
Once you have identified which data you collect and for which reasons, make sure to review and delete unnecessary data periodically. Create marketing strategies that rely less on sensitive user data or third-party data.
- Identify the legal basis
You can only process data under the GDPR if you can produce written and procedural evidence of at least one of the six named legal bases: consent, legal obligation, contractual obligation, legitimate interest, vital interest, or public task.
- Fine-tune your privacy policy
The privacy policy is the backbone of any privacy strategy, creating the basis of trust and transparency between you and your users. More and more consumers are paying attention to the details of privacy policies, so don’t make the mistake of thinking that your customers will only scroll past it.
- Compliant Consent Management Platform
Implementing a GDPR-compliant Consent Management Platform (CMP) early on in implementing your privacy strategy is a competitive advantage for your company. A Consent Management Platform collects, stores, and manages consent.
- Privacy by design
Make sure that your Consent Management Platform is fully compliant with the GDPR. While having a cookie banner that only allows for opt-in may seem like the surest way to get consent, it isn’t.
- Bonus item: Implement company-wide measures
A company’s GDPR strategy shouldn’t be left solely to the legal department or DPO but should be viewed comprehensively. Privacy is the new normal, and by creating awareness and understanding in all staff, every product idea or marketing strategy will be made with privacy in mind– from the beginning.
Data privacy may be a significant barrier for new businesses. On the other hand, when entrepreneurs can establish a whole level of data protection, the benefits will become abundantly evident. GDPR compliance that is well-implemented reduces risks and opens openings for consumers, partners, and investors. A service provider who specializes in Data Privacy can always be an asset to this start-up, and if you are ever looking for one, you know where to look.