Data Is the New Oil

Data Is the New Oil: Business Risks to Your Organisation’s Most Precious Commodity

It has been said that the world’s most valuable commodity is no longer oil, it is data. Every organisation needs to protect this precious commodity from cyber security, data breaches, and disgruntled employees, whilst ensuring the data held adheres to GDPR.

Business risks that many organisations face include:

  • Not understanding what data your organisation holds
  • Understanding what data your organisation holds is crucial. You need to keep tabs on what data is personal data, finance data or legal data to name but a few types and store it correctly. Ask yourself: do you need to keep this data? What data can be deleted?
  • Poor data governance: The inability for an organisation to ensure data is high quality throughout the lifecycle of the data.
  • Data mismanagement: Weak processes for acquiring, validating, storing, protecting, and processing data for its users. This is where data classification, discovery and tagging comes in, and Enterprise Vault 24/7 is a valuable solution to this.
  • Lacklustre data security: Difficulties protecting digital data from unwanted actions like a cyberattack or a data breach.

To mitigate against these risks and enable an effective date protection, discovery and compliance strategy, organisations need to be investigating and investing in a data risk management system.

Data risk management is a controlled process where an organisation acquires, stores, transforms and uses its data from creation to retirement to eliminate risk.

How can you keep tabs on all the data you hold and store?

In addition to capturing, storing and classifying your data, it is best practice to have a risk register to manage your data.   Automating the process can help you find your data quickly and easily, and reduce the chances of successful cyber-attacks and data breaches.

To find out more about data classification and how it can help your business or organisation, download a copy of our eGuide “The Ultimate guide to Data Governance and Risk Management”.

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You can also watch our webinar to understand the benefits of employing automated solutions for discovering and analysing data to mitigate your business risks and optimise opportunities.

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