Data has become the greatest resource of the digital world and the more personal the data is, the more valuable. Companies value their data and hackers crave it. Do you ever wonder how much of your personal data you’ve already shared or has been collected about you, especially when an ad is served up showing a photo of the new car you’ve been researching? Your data is considered a resource for companies because it holds value.
Due to data heists of well-known companies such as Target, Equifax, and Facebook, the companies have had to work to save their relationships with customers. And let’s not forget the financial component of a data breach. The average cost of a data breach is $4.24 million, according to IBM’s Cost of a Data Breach Report 2021. However, the Equifax fine was up to $700 million dollars revealing the true value of user data.
The law has a clear opinion about the value of personal data - each individual is worthy of protection. So, how do businesses prevent a data asset from turning into a liability? The best place to begin is discovery and understanding your entire data lifecycle. Discover where your data exists, how it is used, and when to get rid of what you don’t need.
Being able to identify where sensitive data is, is increasingly important for protecting privacy and mandated by privacy laws such as GDPR. And with every passing day, there seem to be additions to the list. States such as California, Colorado, and Virginia have now passed comprehensive consumer data privacy laws. A good data discovery approach includes identifying personal and sensitive data types (e.g., PI/PII, PCI, PHI, etc.) as well as high-value assets (e.g., contracts, intellectual property, patents, etc.) to effectively find and understand a company’s data risk.
Maintaining data security and privacy is a critical part of a company’s management of sensitive data. A company’s data privacy approach requires a framework that enables the discovery of sensitive unstructured and structured data across repositories, file shares, and file types, in hybrid IT and multi-cloud ecosystems. The penalties for failing to comply can jeopardize your financial standing and reputation.
A data risk assessment is an integral part of a business’ data security program. CyberRes, a Micro Focus line of business along with their partner Orasi (Saltworks) is providing a free data risk assessment to give insight into the sensitive data across your entire organization:
For more information:
- Data Risk Assessments 101: How to Discovery, Classify, and Measure Risk around Sensitive Data
- Structured Data Manager
- File Analysis Suite
Join our Voltage Data Privacy and Protection Community. Have technical questions about Data Security and Encryption? Visit the Data Security User Discussion Forum. Have technical questions about Data Discover products? Visit the Data Discovery discussion forum. We’d love to hear your thoughts on this blog. Log in or register to comment below.