Practice data security and privacy aligned with regulations
How you protect your data is directly connected to the underlying risks of your business, including whether or not you are compliant with required regulations and whether or not you have an effective oversight structure in place that allows you to succeed. For many companies, data is the “what, why and how” of the entire business model. Beyond these examples, data is becoming increasingly important as more businesses aim to capture greater amounts of consumer data to fuel the process of digitalization and stay competitive. As your company’s data usage increases every year, the complexity of the issue grows exponentially.
As the amount of data in an organization increases, so does the need for effective governance, risk management, and compliance (GRC) systems. In order to maintain an effective GRC system, you need to evaluate many items, including your level of business risk, your needed degree of system flexibility, the regulatory environment your business operates within, and the technology stack your organization maintains or is looking to build. Only after having a complete overview of the entire GRC situation within your organization can you start to understand where gaps may be that could lead to issues.