In our previous blogs, we’ve covered some common regulations businesses face, such as GDPR and AML. While it’s good to stay up-to-date with all of the changes in compliance, it can leave organisations wondering the best ways to effectively adjust or update their processes to match the regulations.
There are several key elements that go into effective compliance processes, including defining accountability, conducting a data inventory and applying automation and tools to make the organisation as efficient as possible.
Firstly, you must recognise that any data your organisation holds is an incredibly valuable asset. Data can be integral to your organisation’s function or strategic goals, and therefore should be treated with consideration. Like other valuable assets, this can also make your organisation a target for cyber hackers who hope to exploit your data for criminal use. So, when setting up or reviewing your data governance strategy, take the time to review the kind of data your organisation stores as well as the rationale of its collection. This will ensure that your organisation isn’t unnecessarily holding onto data that serves no strategic value and opens further vulnerabilities to cyber attacks. Data should be inventoried at a regular interval, and the amount of data stored by an organisation should be reduced as much as possible.
Once you have determined the data sets stored by your organisation, it is important to establish an accountable person or team to oversee the proper use, protection and privacy of the data. Accountability can vary from organisation to organisation, depending on geographical location, data use, compliance requirements and other factors. At the top of this accountability hierarchy should be a Data Protection Officer, to provide guidance and supervision as needed.
Finally, leverage new technologies to help protect your data and maintain compliance with relevant regulations. Tools like CyDesk automate key steps in data governance processes, allowing you to focus on the important aspects of data protection and business operations. As an integrated risk management solution, CyDesk identifies cyber, compliance and business risks, analyses key indicators and manages your organisation’s response for business assurance.
Though effective data governance may sound tricky, it can be smooth sailing once you’ve implemented the right processes. Having a data protection plan in place can make all the difference in this changing landscape of cyber threats, keeping your data and your business safe.