After all the data hacks and thefts that have taken place over the last few months, it is safe to say that legal compliance for data is becoming an increasingly pressing issue.
While compliance is in itself a subject of fear among companies, there is no way around it. Instead, companies and IT executives must find a way to be able to embrace it and understand how it can change the way data is managed, analyzed, and put to use.
Companies now must think about going beyond regulatory requirements.
Cybercrime, whether perpetrated by insiders or by sophisticated, malicious outside attackers, has highlighted the value in information. Cybercriminals exploit the particular gaps that come with failing to properly identify and secure sensitive data.
To successfully comply with data-handling regulations, organizations must take the following steps:
#1. Find and classify records under their control that are subject to regulation:
There are two types of data – controllable and uncontrollable. Uncontrollable data is the kind that is received as input, and controllable data is what is processed. Organizations must find and classify their data, so that they can determine the appropriate control measures.
#2. Assess current practices and infrastructure:
IT leaders must evaluate the standing of the company’s current IT infrastructure and IT assets and improve it to comply with technical and legal mandates.
#3. Internal Audit:
The company’s IT officers should conduct an internal audit and report data handling practices and breaches to IT executives as well as affected data subjects on a periodic basis. This helps keep a check on systems and processes.
#4. Monitor transactions:
All transactions must be continuously monitored for auditable logs, and policies must be enforced to investigate and mitigate breaches if there are any.
With the help of these 4 steps, you can work to ensure that data compliance is not a burden on your company, but a massive opportunity to protect and secure the data of your customers and keep your company safe from hackers.