Data Privacy: Five Steps To Update Data Inventories For The New 2023 Privacy Laws

A data inventory is a detailed account of how a business processes personal data. While this is not an exhaustive list, a data inventory should contain information such as purpose of collecting the data, volume of individual data subjects, types of data subjects and the type of technical and organizational security measures to protect the data.

The average time to create a new data inventory may take several months or longer for large organizations. The first step for any organization creating a data inventory is the planning phase which consists of identifying and selecting a data privacy technology platform as well as identifying the team and stakeholders that will be responsible for managing and maintaining the data inventory. Ankura recommends that the organization design a data inventory that encompasses the core data privacy topics which will require minimal net-new information to be gathered as new regulations emerge.