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Data privacy management and compliance company TrustArc has announced a new data intelligence tool that delivers contextual, real-time insights into companies’ data privacy programs.
The PrivacyCentral tool can generate automated, customizable reports to help privacy teams determine which regulations are most likely to apply to their data and prioritize each law by setting timelines, assigning owners, evaluating key performance indicators (KPIs), and providing detailed reporting.
“PrivacyCentral allows for organizations to understand laws and readiness against laws simultaneously,” Hilary Wandall, SVP of privacy intelligence and general counsel at TrustArc, told VentureBeat. “Unlike traditional approaches to privacy law readiness or gap assessments that typically look at one law at a time, PrivacyCentral’s intelligence engines evaluate your progress and effectiveness against all of them at the same time.”
PrivacyCentral continuously scans a company’s profile against the various privacy laws around the world to identify which ones apply to their business, and then it asks relevant assessment questions.
The platform leans on AI to conduct these automated assessments spanning company records, systems, and data to match against the ever-evolving privacy regulations for a specific jurisdiction.
Data privacy landscape
TrustArc is one of the myriad data privacy startups capitalizing on the growing array of privacy regulations, such as GDPR in Europe and CCPA in California. The San Francisco-based company develops various data protection, certification, and compliance products for enterprises like Intuit, Johnson & Johnson, and Monster, helping them monitor risk around regulations and identify gaps spanning regulatory frameworks.
Other notable players in the space include Privacera and DataGrail, which just this week raised $50 million and $30 million, respectively; BigID, which is valued at $1 billion following a recent investment; and OneTrust, which recently attained a $5 billion valuation.
It’s clear that the data privacy market is hot, something TrustArc is looking to capitalize on with PrivacyCentral, which Wandall said solves many problems, including the “inefficient and time-consuming nature of managing privacy across an organization,” particularly when a new law or regulation is introduced.
PrivacyCentral is designed to serve as a “single source of truth,” one that removes the manual processes involved in assessing and complying with the various privacy laws and works between all the existing regulations and any new ones as they come into force.
“A privacy leader no longer needs to restart the cycle of working with business stakeholders to understand how a new law or regulation applies to their business,” Wandall said. “The privacy leader can automatically get an in-depth understanding of the gaps between where they are and where they need to be and engage the business in a meaningful way.”
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