Reduce risk and strengthen compliance regulations with compliance programs
Assuring compliance with corporate governance policies and litigation is a critical undertaking for most organizations. Consumers and businesses alike have a growing awareness of the value of their information and are increasingly concerned with how it’s being used. These security and privacy pressures create complexity for IT teams. With vast amounts of fragmented and siloed data, ensuring proper storage, security, and compliancy is a struggle for many organizations. Furthermore, these struggles are becoming more difficult as the volume and variety of data grows.
Here are the top 5 risk and compliance challenges that organizations face and how effective compliance programs can diminish the concerns.
Data Breach Concerns
What were once small isolated attacks are becoming widespread, expensive data breaches that are putting organizations out of business. These cybersecurity threats towards businesses are resulting in compliance regulations like GDPR and the California Consumer Privacy Act that protects the PII (personal identifiable information) of residents in that region. Companies are putting too much data in harm’s way by lacking a multi-layer, compliance-ready defense approach.
Archive and Legal Hold
Organizations that utilize multiple storage options and have large amounts of data struggle to retain, access, discover and delete information within evolving compliance guidelines. Compliance regulations are demanding organizations to have procedures in place to ensure quick discovery of data – but what if you don’t know where all your data lives, what platforms it is utilized in, or who has access to the data? Within GDPR, EU citizens can request erasure of their information at any time. Can you ensure that your data will be deleted across all platforms?
Long-term Retention and Defensible Deletion
Many organizations hoard unstructured data for decades, others wipe it too early, but most often, organizations don’t know how long to keep data. Many compliance regulations have data retention policies based on state laws. Some of these regulations can get as granular as breaking down to verticals. For example, HIPAA requires physicians to hold information for a shorter time period than hospitals. Growing file shares, email, desktops/laptops, even legacy backup tapes all contain duplicate copies of aged data that no longer has business value.
According to a survey at the Compliance, Governance and Oversight Counsel, up to 69% of data has no value to the enterprise. Not only does this data take up valuable space, it can become a liability if sensitive information is not properly managed.
The next business concern is how do businesses value data throughout its lifecycle of aging? Making smart use out of your data by having it properly protected and compliant can help you get closer to your customers, understand opportunities better, and differentiate from the competition.
Data at the Edge
The rapidly increasing volume of data creates a complexity challenge for organizations as they try to efficiently discover information needed to address litigation and compliance audit requests. Organizations struggle to consolidate data when it is stored on laptops, desktops, mobile devices and shared services.
As data volumes grows and storage becomes more complex, so do challenges for compliance. Solutions to solve compliance complexities should offer visibility to identify and store data with required separation that meets secure and access control requirements.
According to the PWC State of Compliance study, effective compliance programs are:
- Tech-enabled infrastructure.
- Technology enhanced compliance monitoring.
- Streamlining policy management.
- Information-based and technology driven training.
Magna5 offers compliance-ready, data protection solutions that can help your organization streamline technology-based compliance regulations. Contact us today for more information.
Enterprise Risk Forum
Magna5 will be sponsoring the Enterprise Risk Forum in Seattle, WA, November 8th, to discuss IT Governance strategies, risk mitigation, and compliance standards. Join us to gain insights and perspectives on how collaboration and information play in the organization, as well as practical recommendations for improving their organization’s governance, risk and compliance processes.