MongoDB and BigID Delivering Scalable Data Privacy Compliance for Financial Services

Financial services must prioritize data privacy compliance due to legal obligations, customer trust, and reputation. Adopting a privacy-first mindset is crucial for establishing a robust framework. Understanding the regulatory landscape helps organizations identify their obligations and assess risks. Key aspects of achieving compliance include regularly updating policies and procedures, implementing data discovery & governance frameworks, streamlining consent management, fulfilling user rights and data subject access requests, conducting privacy impact assessments (PIAs), prioritizing data minimization and purpose limitation, navigating data localization & transfers, and strengthening security measures. BigID and MongoDB offer modern solutions to address these challenges by providing deep data discovery, accurate classification, efficient data mapping, streamlined data lifecycle management, fulfillment of consent & data rights request, effective privacy impact assessments (PIA/DPIA), ML-based data access management, validated data transfers, and effective remediation.