The security of data that is the most sensitive is vital. Without proper governance, there may be disruptions to business operations and revenue loss. However, effective governance increases revenue, customer satisfaction, and operational cost-efficiency.
In order to develop the right security measures, you have to first understand your critical data. This requires a deep understanding of your records and information as well as the regulations that govern it and what impacts an incident could have on you.
Finding the most important data elements isn’t easy but the process is well worth the effort. It lets your business set goals and tasks more accurately, resulting in higher product quality, higher revenue and lower risks. It also lets you reduce the number of processes required to be carried out, which can free up resources.
Data that is essential to your business may be defined as data that is lost or compromised could have a moderately to a significantly negative impact on the capacity to perform essential tasks and services. It must be protected with security controls that are appropriate to the risks and are detailed in your security policy.
To determine if the data is vital, examine the three components of an access control: what, who and what. What is the relationship to the asset itself like a power plant, computer system or database. Who is the group that requests access that could be humans or machines, and the level of risk they present. What is the degree of access needed based on your security policies and guidelines such as least privilege and separation of privilege.
A business must also consider the amount of time it’s willing to examine and manage critical information. For instance, if a company doesn’t have records that are long enough to be considered critical, it can save time and money by making sure you eliminate the records in a timely manner. This should be carried out in a controlled manner to ensure that any documents that are still required are classified.
It is also essential to establish a procedure to keep your records updated and clear of clutter and data. This includes identifying and classifying the important data. This includes deleting information that is no longer needed or valuable, and making sure that any remaining data is deleted promptly. This will ensure that your organization only stores data that is essential to its operations and avoids keeping data that could expose you to the risk of being exploited.
Businesses must continuously dataroomsolutions.org/corporate-due-diligence-and-corporate-accountability evaluate their security and data protection practices as the cybersecurity landscape evolves. By implementing a centralized and easy-to-use data management system companies can cut down on risk, improve efficiency and improve satisfaction with their customers. Download this white paper to get more information on how to manage your data effectively.
