We founded Soveren based on our belief that privacy has to be embraced by engineering because legal measures alone can’t guarantee compliance
Our vision is to facilitate the inevitable shift from privacy statements on paper to privacy as an engineering discipline.
Our mission is to empower Engineering and Security teams with automated detection and remediation solutions to manage personal data protection and compliance risks.
Security’s gaps in addressing privacy incidents
Every year businesses spend $150B
on software to prevent security incidents and mitigate the unacceptable damages and risks they create.
Every CEO understands that security incidents result in lost revenue and brand damage, with $4.2M
on average lost per data breach. As businesses are able to collect an increasing amount of data, and as personal data is becoming increasingly regulated, a new threat with equally dire consequences has emerged — the risk of privacy incidents.
Privacy incidents and their consequences are becoming equally damaging to businesses, leaving them with the only option — address privacy risks the same way they address security risks.
Privacy incidents result in unauthorized use or disclosure of personal data. Privacy incidents include allowing an undetected API access to personal data or storing personal data in systems which were not designed to keep it safe. Privacy incidents require a comprehensive response given the regulated nature of personal data.
Security software successfully addresses security threats, but has a limited impact on addressing privacy challenges.
Only a small fraction of privacy incidents are currently addressed by security software, such as data loss prevention (DLP) tools. This is because — unlike other confidential data that can be easily isolated and sealed — personal data is actually meant to be accessed, used, and shared in-day-to-day business operations.
Therefore security alone is no longer sufficient.
Privacy is the new Security
10М businesses are at risk of violating GDPR and other regulatory obligations with the average fine standing at $1.8M
. Customers and investors are binding businesses to protect personal data and be compliant with regulations.
Besides the prohibitive risk of regulatory fines, GDPR has unleashed a tsunami of requirements that customers and investors alike now expect businesses to comply with. Privacy standards akin to SOC-2 and ISO will soon become prerequisites to do business. Like in the case of security, they will mandate active controls to be put in place with respect to privacy.
Privacy compliance is now a requirement for anyone anywhere.
The era when corporate legal boilerplate was deemed sufficient to stay compliant is over. The main challenge is that Engineering and Security teams today lack the expertise and tools required to protect personal data.
Privacy is the new Security. Privacy demands the same continuous and automated detection and remediation solutions to manage data protection and compliance risks.
Soveren combined the principles behind web application firewalls (WAF) and security vulnerability scanners familiar to CTOs and CISOs. Our personal data intelligence technology analyzes real-time data flows inside your company’s environment to discover personal data and identify privacy issues.
The emergence of Privacy Engineering
Privacy will follow in security’s footsteps with the emergence of dedicated privacy specialists with a technology background. Tech businesses are already integrating Privacy Engineers within their engineering teams.
If security teaches us anything, it is that privacy has to be embraced by engineering because legal measures alone are totally insufficient to prevent privacy incidents. Supporting this fact is the emergence of a Privacy Engineer within big tech. In the very near future, Privacy Engineers will be common across the tech space.
Soveren’s vision is to facilitate the inevitable shift from privacy statements on paper to continuous and automated detection and remediation solutions, addressing any possible compliance gaps.
Our mission is to empower Engineering and Security teams with automated detection and remediation solutions to manage personal data protection and compliance risks. Soveren will replace manual data maps and other unscalable, time-consuming compliance processes with next-generation privacy monitoring and control tools.
Businesses are adopting privacy as an engineering discipline to protect themselves from the unacceptable risk of continued privacy incidents, loss of consumer trust, and regulatory fines.