New systems and processes will change the way you handle data, so a clear data strategy is key. We’ve identified five key data challenges you are likely to face on your digital transformation journey.
As a business grows, so does its data.
The Big Data Race, published by our data experts, shows how data can provide critical insights and improve your business decision-making. And with global regulators hot on data protection, devising your new processes and systems to ensure compliance is essential.
If you ignore it, the financial and reputational implications can be severe. Consider how you will deal with the following five data challenges.
Where to start
It’s important to understand what data you have and what you want to do with it. Deciding how you will store, process and analyse data, whether through your internal IT system or a cloud-based infrastructure, is a critical, early decision to make.
A clear plan at the outset will make dealing with other data related challenges so much easier.
Legacy systems and historic data
Historic data is important to your business. Breach claims and information requests from customers, regulators, and law enforcement demand that you can access current and historic data. Fast. It’s tricky to strike a balance between your obligation to delete what is no longer needed and the legal and tax consequences of deleting data too soon. This challenge is compounded by the varying regional retention regulations.
An effective search function and customisable deletion dates can be expensive to implement but will save time and money in the long run.
Transferring data
Recent EU case law (Schrems II) and related regulatory guidance now require EU-based companies to conduct a risk assessment when transferring data outside of the EU, costing time and money. Our CtrlTransfer tool can help here.
Keeping pace with regulation
Data protection laws and cyber security standards are forever evolving, with financial penalties for non-compliance increasing across the globe. Obligations vary by region and it can be difficult to keep up.
An audit of your existing and proposed data processing activities, followed by regular health checks, can keep your data compliance on track.
Data security
Hackers are a threat, but human error is the biggest risk to your data. Your security perimeter doesn’t end at your own walls - the security of third parties with access to your data may also pose a risk. One small mistake can lead to a ruined reputation and massive and costly litigation. Not all problems can be avoided but preparedness is key.
A rapid response, involving a pre-prepped multiskilled team can make all the difference.
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