When it comes to Data Security, you don’t want to have regrets. Take it from Mark Zuckerberg. The chief executive is in the throes of a Facebook data scandal and says he regrets what he describes as “a major breach of trust.”
In his recent CNN interview, Zuckerberg added, “We have a basic responsibility to protect people’s data and if we can’t do that, then we don’t deserve to have the opportunity to serve people.” Indeed, this breach is the latest example of why companies must open their eyes to the risks of insecure data and take the necessary steps to ensure compliance, security, and trust.
Data Security – What’s at Stake?
One in four companies will endure a data breach, with the average total cost of a breach reaching $3.62 million. Boards typically hold CEOs and executives responsible, although the entire company feels the pain. Those who live to tell the tale are left with scars — diminished customer trust/loyalty, department shake-ups, revenue losses, and hefty fines.
For many businesses, the stakes are about to get a lot higher. The EU General Data Protection Regulation (GDPR) deadline is in May 2018, after which organizations can face strong penalties for noncompliance. GDPR requirements are forcing businesses to understand the risks of poor data privacy and take actions to reduce unauthorized disclosure of private customer information.
Considering these facts, the low percentage of companies that regularly monitor the use of sensitive data is shocking. For example, a Ponemon Institute survey found that only 29 percent of IT respondents say their companies fully enforce a strict “least privilege” model to ensure that only appropriate insiders have access to company data on a need-to-know basis. And 35 percent of respondents say their companies do not maintain a searchable record of file system activity.
Why are organizations missing the mark? Is it that they don’t understand the risks? Or, perhaps, they just don’t know where to start.
Data Governance is Key
Organizations need a structure in place to gain intelligence regarding their data to guide business decisions, protect customer information, lower risks, and ensure compliance — all of which relies on effective Data Governance (DG).
DG helps ensure that sensitive information, particularly customer data, is kept secure through the appropriate processes, responsibilities, and corresponding technology.
However, inadequate DG and Data Quality (DQ) processes can result in costly implications for organizations if their data is disorganized, disconnected, and unregulated.
Gartner drives home this point: “Determining or defining the data that matters most, where it is or will be stored, who is or will be responsible for it must be clearly understood and defined in order to be GDPR compliant and for your data to be properly secured. The impact of big data projects, the continued migration to cloud platforms and applications, IoT projects, blockchain experiments can create new threats if a clear governance strategy is not in place.”
Data Governance and Security Start with MDM
An increasing number of organizations are working to build stronger Data Governance strategies and teams. However, many still lack an understanding of the imperative link between DG, Security, and Master Data Management (MDM).
Recently, EnterWorks CEO Rick Chavie shared a recap from the Gartner Data & Analytics Summit 2018. At the conference, our experts spoke with attendees about how DG, Business Intelligence, and MDM are intrinsically connected. In order for governance to be effective, you must have accurate data. And to create and share trusted data securely and at scale, you need MDM.
When a company lacks an MDM system, information is retained in silos, typically located in disparate systems and manually maintained spreadsheets. This puts sensitive data at risk and keeps organizations in the dark when it comes to how, when, where, and by whom data is accessed and used.
Implementing an MDM solution helps your organization achieve a safe and secure central repository of data — monitored and managed in accordance with DG, DQ, and data security standards.
Resources for Understanding MDM Security Best Practices
There are several crucial security features and aspects of Multi-domain MDM that help ensure data remains protected across the enterprise.
We dive deeper into these features in our new White Paper: EnterWorks MDM Security Best Practices.
Download the EnterWorks White Paper to explore:
- The link between data security and MDM
- Why the cloud provides a safe haven for your data
- MDM system features and specifications that help protect your customer data
- The role Service Providers play in keeping your data safe
From ensuring compliance and transparency to keeping your data secure and driving a differentiated customer experience, Multi-domain MDM is helping organizations thrive in the digital age.