Data redaction is the process of editing and removing information before distribution. Because the world around us is going digital by the hour, now more than ever, data redaction is necessary to protect yourself and your organization from data breaches and the chance of sensitive consumer information getting into the wrong hands.
Between 2015 and 2107, the Consumer Financial Protection Bureau or CFPB released many consent orders that in turn affected the collections regulations and compliance. If an organization did not comply, they in turn pay high costs. With advancement in technology, the risk of having a data breach grows higher, and an organization must do all it can to protect itself as well as it’s consumers. One of the key ways to do this is to implement a process for data redaction.
Data redaction can be done in many forms. From manually blacking out sensitive information, to implementing a technology that does it for you, they all meet the end goal, protecting sensitive information from getting out. Many companies now offer software that does it for you, and the recommendation is always to go digital rather than manual to save time, money, and resources.
Revoking access to sensitive information and redacting unnecessary information elevate the level of security for both your organization, and your consumers. There are five times when data redaction should be considered: Upon receiving the information, prior to distribution, when the work is complete, prior to archiving, and prior to disposal. Picking one that is right for your business and writing it into processes will put minds at ease that sensitive data has been handled properly.
Companies that thrive are ones that are committed to improving their business, and meeting compliance standards. Setting up procedures for data redaction not only protects the consumer, it protects the organization. With standards and technology put into place, ease of mind and trust that sensitive data is protected will come naturally, and risk lessened in this compliance driven environment.