As privacy concerns evolve, Kroll augments its capabilities to protect data, value digital assets, mitigate risks and build digital trust
NEW YORK – January 21, 2021 – Kroll, a division of Duff & Phelps, the global leader in risk mitigation, investigations, compliance, cyber resilience, security and incident response solutions, announced the launch of the firm’s Data Privacy and Digital Trust Consultancy services ahead of Data Privacy Day, an international event held annually on January 28 to raise awareness and promote privacy and data protection. The offerings combine Duff & Phelps’ and Kroll’s cybersecurity, regulatory compliance, risk and valuation expertise and include a new cloud-based privacy assessment platform, as well as data mapping and digital asset valuation solutions to help organizations go beyond compliance to create and protect value from digital assets.
Consumers are more aware than ever of their privacy rights, yet more than 80% of Americans believe that they have little or no control over their data and that the risks of data collection outweigh the benefits, according to a survey by the Pew Research Center. Kroll recognizes the crucial role of privacy in establishing and maintaining digital trust and has built practical data privacy and digital trust solutions that help organizations increase digital trust while satisfying regulatory requirements.
According to Gartner, by 2023 65% of the world’s population will have its personal data covered under modern privacy regulations, up from 10% in 2020, which will significantly raise the pressure on organizations to protect the integrity of data-driven processes, prevent data theft and leakage, and manage risks in authorized data processing, including vendors’ data access. If data is compromised, companies risk litigation from consumers, permanent damage to their reputations and costly fines. Kroll’s data privacy and digital trust solutions are designed to mitigate these risks by guiding organizations through data valuation challenges, preventing data theft and leak incidents, and helping organizations achieve regulatory compliance.
“It is essential for businesses to understand the value of digital assets when considering privacy concerns and designing privacy programs,” said Glen Kernick, a managing director in Duff & Phelps’ Valuation Advisory Services practice. “Data is tremendously valuable and taking the proper steps to safeguard data is not only imperative to building trust with consumers, but much more cost effective than responding to a breach or attack once data has already been compromised.”
Kroll’s data privacy and digital trust solutions leverage a model designed to cater to the maturity level of individual organizations. The multi-phased model built by Kroll includes gaining visibility into potential weaknesses in privacy programs, the value and risks of digital assets and how sensitive data is connected; developing a strategy to address risks and ensure regulatory compliance; implementing the privacy program and monitoring day-to-day activities; and building program maturity to withstand legal and regulatory scrutiny and build digital trust with consumers. To streamline processes connected to the review and development of privacy programs, Kroll has partnered with Safeguard Privacy, a cloud-based privacy assessment platform that facilitates collaboration by enabling key stakeholders to complete comprehensive assessments, review where the organization currently stands and monitor progress as privacy programs are implemented.
“Privacy assessments are a fundamental part of understanding and developing a strategy to improve an organization’s privacy program, but manual assessments often take time that organizations do not have amidst today’s threat landscape,” said Rich Vestuto, a managing director in the Legal Management Consulting practice and leader of Kroll’s information governance, records and contract management capabilities. “Our comprehensive solutions, team of talented practitioners and third-party partnerships have helped companies to complete assessments quickly and implement programs that thoroughly address their most complex and unique data challenges.”
To learn more about Kroll’s Data Privacy and Digital Trust Consultancy services, visit the firm’s offering page here.
About Kroll, a division of Duff & Phelps:
Kroll is the leading global provider of risk solutions. For more than 45 years, Kroll has helped clients make confident risk management decisions about people, assets, operations and security through a wide range of investigations, cyber security, due diligence and compliance, physical and operational security, and data and information management services. For more information, visit www.kroll.com.
Duff & Phelps is the world’s premier provider of governance, risk and transparency solutions. We work with clients across diverse sectors in the areas of valuation, corporate finance, disputes and investigations, cyber security, claims administration and regulatory compliance. With Kroll, the leading global provider of risk solutions, and Prime Clerk, the leader in complex business services and claims administration, our firm has nearly 4,000 professionals in 25 countries around the world. For more information, visit www.duffandphelps.com.