Security of the most sensitive data is vital. Without proper governance, disruption to business and revenue loss could occur. In contrast, effective governance can increase the amount of revenue, customer satisfaction and efficiency in operations.
In order to design the right controls, it is important to comprehend the significance of your data. This requires a thorough understanding of your data and records as well as the regulations that govern it, and what impact a breach would have on you.
Finding the most important data elements isn’t easy however, the process is well worth it. It helps you align objectives and tasks with greater accuracy and produces a higher quality product that generates more revenue and fewer risks. It also allows you to streamline processes, thus freeing up resources.
Data that is critical to your business could be described as data that is lost or compromised will have a moderately to significantly negative impact on the ability to perform key tasks and services. It should be secured with security controls that are commensurate with the risk and stipulated in your policy.
If you’re trying to determine whether your data is crucial take a look at the three elements that comprise any access control system: who, what, how. What is the asset such as a computer system, power plant or database. Who is the group of users who are requesting access. This could be humans or computers, and their level of risk. What is the amount of security needed based on policies and principles such as separation of privileges and the lowest privilege.
A business should also consider how much time it’s willing to dedicate to assessing and managing critical data. For example, if your company doesn’t keep records that are long enough to be considered essential, it could save time and money by making sure you erase them in a timely manner. This must be carried out in a controlled manner to ensure that any documents that are still needed are classified.
In addition to identifying, separating and storing critical data, you must create a regular process for clearing and updating your information and records. This means removing any data which is no longer required or valuable and ensuring all remaining data is securely erased in a timely manner. This will ensure that your company only stores information that is essential to its operation, and it doesn’t store any data that could be accessed.
Companies must continually evaluate their security controls and data as the cybersecurity landscape develops. By implementing a central and easy-to-use data management system, organizations can reduce risks, increase efficiency and increase customer satisfaction. For more information on how you can effectively manage your data download this white paper.