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How can you prioritize data security risks in a changing tech landscape?

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Data security is a crucial aspect of data governance, especially in a rapidly evolving tech landscape where new threats and vulnerabilities emerge every day. How can you prioritize data security risks and mitigate them effectively? In this article, we will share some tips and best practices to help you assess, prioritize, and manage data security risks in your organization.

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Jyoti Pathak

Founder & CEO | AI Agents & Data Excellence | Snowflake Data Superhero & Partner | Career Fulfillment Coach &…
Georgios A. Korellis

"Successful, End-to-End Projects"
Sanjeev Chhabra

Accomplished CISO, DPO, Cyber laws, Cyber Security, IT Infrastructure management, Data Privacy, Cloud Security, Data…

1 Identify your data assets and sources

The first step to prioritize data security risks is to identify what data you have, where it comes from, and how it flows through your systems. You need to create a data inventory that lists all your data assets, such as databases, files, APIs, applications, and devices, and their sources, such as internal or external, structured or unstructured, and sensitive or non-sensitive. You also need to map your data flows and processes, such as how data is collected, stored, transformed, analyzed, and shared. This will help you understand your data landscape and identify potential risks and gaps.

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Jyoti Pathak

Founder & CEO | AI Agents & Data Excellence | Snowflake Data Superhero & Partner | Career Fulfillment Coach & Strategist- Helping leaders align passions with purpose, build impactful careers, and achieve lasting success
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To prioritize data security risks, begin by identifying your data assets and sources. Create a data inventory that includes all databases, files, APIs, applications, and devices, noting whether they are internal or external, structured or unstructured, and sensitive or non-sensitive. Map out how data flows through your systems, detailing processes like collection, storage, transformation, analysis, and sharing. This comprehensive overview of your data landscape will help you understand potential risks and vulnerabilities, forming the foundation for effective data security strategies

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2 Assess your data security risks

The next step is to assess your data security risks based on the impact and likelihood of each risk. You can use a data security risk matrix to rank your risks from high to low, depending on how severe the consequences would be and how probable the occurrence would be. For example, a high-impact and high-likelihood risk could be a data breach that exposes sensitive customer data and damages your reputation and trust. A low-impact and low-likelihood risk could be a minor error in a data report that does not affect your decision making or compliance. You can also use qualitative or quantitative methods to measure your risks, such as interviews, surveys, audits, or risk scores.

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Sanjeev Chhabra

Accomplished CISO, DPO, Cyber laws, Cyber Security, IT Infrastructure management, Data Privacy, Cloud Security, Data Security, TVM, and SOC for Strategy, Solution, Delivery, Audit, Compliance, Presales, GTM.
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Organisation has limited number of resources and even best of security controls can't protect each and every asset so first and foremost identify critical assets or crown jewels and do a risk assessment on these critical assets, once you identify risks, next is to rank it in terms of its likelihood and impact , prepare a report on basis of financial terms ( measure loss in dollar) if risks are not treated timely

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3 Prioritize your data security risks

The third step is to prioritize your data security risks based on the results of your assessment. You can use a data security risk register to document and track your risks, their impact, likelihood, status, and mitigation actions. You can also use a data security risk heatmap to visualize your risks and their priority levels. The priority level of each risk will determine how urgently you need to address it and what resources you need to allocate. For example, a high-priority risk might require immediate action and dedicated staff, while a low-priority risk might require periodic monitoring and review.

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Sanjeev Chhabra

Accomplished CISO, DPO, Cyber laws, Cyber Security, IT Infrastructure management, Data Privacy, Cloud Security, Data Security, TVM, and SOC for Strategy, Solution, Delivery, Audit, Compliance, Presales, GTM.
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Organisation need to prioritise identified risks on the basis of dollar loss to organisation, resources are limited and all risks can't not be given similar treatment As per risk appetite , risks have to rank it in accept, transfer or mitigate category

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4 Mitigate your data security risks

The final step is to mitigate your data security risks by implementing appropriate controls and measures to reduce or eliminate them. You can use a data security risk treatment plan to outline your mitigation strategies, actions, responsibilities, timelines, and indicators. Your mitigation strategies should be aligned with your data governance policies, standards, and frameworks, and follow the best practices of data security, such as encryption, authentication, authorization, backup, recovery, and monitoring. You should also review and update your mitigation plan regularly to ensure its effectiveness and relevance.

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5 Monitor and evaluate your data security risks

Data security is not a one-time activity, but a continuous process that requires constant monitoring and evaluation. You should monitor your data security risks and mitigation actions regularly to ensure that they are working as intended and that no new risks have emerged. You should also evaluate your data security performance and maturity periodically to measure your progress and identify areas for improvement. You can use data security metrics and indicators, such as data security incidents, data security compliance, data security awareness, and data security culture, to assess your data security performance and maturity.

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6 Learn and improve your data security risks

Data security is a learning process that requires constant feedback and improvement. You should learn from your data security risks and mitigation actions, and use the lessons learned to improve your data security practices and capabilities. You should also benchmark your data security performance and maturity against your peers and industry standards, and use the insights to identify gaps and opportunities. You should also foster a data security culture that promotes data security awareness, responsibility, and accountability among your staff and stakeholders.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Georgios A. Korellis

"Successful, End-to-End Projects"
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The question was about how to prioritise data security risks. The first step described above is an excellent starting point, however in "a changing tech landscape" may not be practically possible or economically feasible. An alternative approach is to work with senior executives who have a comprehensive view of the business to identify the data which if compromised, destroyed, lost or altered would result in the highest business risk (considering reputational, financial, operational, compliance and privacy risks). Having completed this risk-based prioritisation, then proceed to define the key threats and risks to those data sets and identify key prevent, detect and corrective measures to manage and reduce those risks

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How can you prioritize data security risks in a changing tech landscape?

1

2

3

4

5

6

7

1 Identify your data assets and sources

2 Assess your data security risks

3 Prioritize your data security risks

4 Mitigate your data security risks

5 Monitor and evaluate your data security risks

6 Learn and improve your data security risks

7 Here’s what else to consider

Data Governance

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How can you prioritize data security risks in a changing tech landscape?

1

2

3

4

5

6

7

1 Identify your data assets and sources

2 Assess your data security risks

3 Prioritize your data security risks

4 Mitigate your data security risks

5 Monitor and evaluate your data security risks

6 Learn and improve your data security risks

7 Here’s what else to consider

Data Governance

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