Balancing Business Needs and Risks with a Robust Data Security Governance Framework

Data, within an organization, is a strategic asset. Like other business assets such as finances and client relations, data requires efficient administration. Data governance falls through the cracks frequently, leading to errors in different business systems. Reports state that 27% of data in the leading business organizations in the world is flawed.?

Deploying data governance solutions becomes crucial to achieving the business goals and objectives. Global data standards assist in defining the roles and responsibilities within the organization and the broader business environment.????

Major Data Security Risks that Impact Businesses

In recent years, the costs associated with data breaches have gone up by 10%. The most common ways are:?

Unintentional Sharing

Not all data loss occurrences are caused by cybercriminals. Often, data breaches take place by the company’s employees who accidentally end up sharing, misplacing, or mishandling sensitive data.?

Overburdened Cybersecurity Team

Lacking automation in their compliance processes, IT admins in organizations have to bear the brunt of the taxing cybersecurity needs. General fatigue leads to the professionals quitting, leaving the companies exposed to threats.

Ransomware

Small to medium-sized companies become easy prey to ransomware attacks, leading to huge losses. Many such attacks begin at employee levels as phishing scams and other malicious communication invites.

Poor Password Hygiene

Redundant or easy-to-guess passwords can be used to access company data, even within secure networks. Routine password update is a simple but effective way to address this issue.

Denying the Threats

Many companies refuse to acknowledge their vulnerability to data threats, and this gets magnified in the case of SMBs. If adequate measures are not adopted, the issue will just keep expanding.??

How is the Data Governance Framework Leveraged for Business Success

To become truly data-driven, organizations have to establish a data governance framework. A trivial 3% of business leaders agree that their department’s data quality level is acceptable. The pillars on which the framework rests include:

• Identifying distinct use cases focusing on the business revenue, expenses incurred, and compliance risks.
• Quantifying the value of data governance implementation with regular reporting on the defined KPIs.
• Constantly improving the data quality by generating precise and accurate business insights.
• Developing a scalable delivery model with increasing ROI as more use cases get added on.

Prominent Benefits of Data Governance for Organizations

“Data is useful. High-quality, well-understood, auditable data is priceless.” - Ted Friedman, Gartner. The significant benefits include:

• Uniform data perspective across an organization with flexibility for each unique business unit.
• A defined strategy to ensure data consistency, quality, and precision.
• Data assets become usable and integrated with the business systems, simplifying the process of attaining business objectives.
• An accurate and “single version of the truth” across all business entities.
• Availability of behavioral guidelines and industry standards in data management with a balanced use of manual and automated efforts.

How United Techno Can Assist Your Organization in Data Governance Implementation

The landscape of data governance requires scalable, fast, affordable, and easy-to-integrate solutions to select the most effective data governance strategy for the business. However, an experienced implementation partner becomes key. United Techno’s expertise in data governance offers businesses practical cloud-based solutions while transitioning to active data governance. The benefits include:

• Our data specialists utilize various tools to search, characterize, and benchmark, for the data to be captured and interpreted accurately.?
• We enable better data management using metadata-driven ETL, ELT, and data integration apps for end-to-end data lineage and pipeline tracking.
• The data governance CoE provides accurate data documentation for adding metadata later to improve its value, searchability, utility, and compliance.