How Data Governance Can Mitigate Cybersecurity Risks

In the beginning of 2020 when COVID 19 stunned the world, the shift to remote models of working rendered high value organisations more vulnerable to data breaches. Between January 2020 and April 2021, cyber-attacks in the financial industry grew by an estimated 238% and the total cost of data breaches soared to $4.2 million, according to IBM.

Cyber-attacks are increasingly becoming more complex and sophisticated in the world although artificial intelligence (AI) and self-learning malware have helped avoid this predicament at large. Many financial organisations experience several issues as they do not always know where to start to proactively address this growing problem.?

However, data governance holds a vital tactic to mitigate risks, through its set of strategic practices that can be used to organise and manage data throughout its lifecycle. Investing in data governance will help financial firms to deliver five key benefits:

? Minimise the risk of insider threats

It is important to choose a data governance solution which effectively monitors for unusual user behaviour, such as unusual downloads of huge volumes of sensitive company files.?

? Secure remote devices

With employees’ work-from-anywhere workstyle, adding apps and devices into the networks introduces a new hazard for traditional security systems. By deploying a cloud-based data governance solution, users can collaborate securely on sensitive data in the cloud such as Zoho or Slack

? Combatting ransomware attacks

It is important for financial firms to understand that ransomware attacks are a business crippling security issue. Ransomware spreads throughout the network to encrypt sensitive files and prevent worker access to critical data. Users therefore need regular reminders on safe storing methodology and sharing of files within agreed platforms.

? Keeping up with compliance requirements

In a rapidly evolving compliance landscape, data privacy regulations are increasing. Organisations must stay abreast of new compliance rules to ensure the companies’ compliance.

? Maximising operational efficiency

A completely remote platform will enable you to modernise your data governance capabilities, while maintaining your company’s existing hardware.

Take a look at our data governance framework solution when you’re ready to get started.