The rise in cyber threats, the continuous advancement of digital transformation and tougher privacy regulations means that data management has become imperative.
In the latest State of email security report, 72% of companies are expected to be affected in 2023 by a collaboration-tool-based attack. While 90% of companies are already seeing an increase in phishing, because of email usage, email-based threats, and the sophistication of cyberattacks.
Jessica Tandy, partner at Bizmod says that management capabilities across data, processes, people, and technology can result in significant value to businesses.
The first half of 2023 saw over 100-million individuals affected by only 10 of the largest data breaches worldwide, according to data from the Identity Theft Resource Centre.
Tandy says that a common mistake from management is viewing data privacy as a tick box exercise. Whereas it needs to be a primary pillar of governance as it is multi-disciplinary and requires a full complement of skills. Information governance provides multi-dimensional benefits such as improved data privacy, protection, quality, savings on storage, limiting risk to organisations and data generation.
“The bigger the enterprise, the bigger the digital landscape and the bigger the problem in understanding the various integrations and touch points of data sharing,” says Tandy.
The complexity of the organisation together with multiple and increasing data privacy, protection and AI legislation means that data privacy, protection and maintenance is a full-time focus area.
Many organisations are aware that they are required to comply with good data management legislation, however Tandy points out what organisations should be looking for so that they are able to address the gaps in processes:
* Not knowing or understanding the information the company has garnered.
* Non-adherence due to excessive licensing and storage costs.
* Poor data quality control – identification of data owners, processes, data subjects.
* Failure to derive benefits or insights from data.
Tandy explains that organisations with good data management will experience the following:
* Business efficiency.
* Reduced risk.
* Enhanced prevention of data leakage.
* Technology enablement and integration.
* Optimal compliance.
“Data privacy plays a key role in driving digital strategy, process optimisation, customer centricity, fraud prevention and information security risk,” Tandy concludes.