Today, data is more valuable than ever and contributes significantly to the success of any business. But without proper data governance, your company’s most important asset could quickly become its biggest liability.
In this blog, we’ll explore what Data Governance is, why it’s important to your business, the risks of poor data management, and practical steps your business can take to secure and organize your data.
What is Data Governance?
Data governance may sound like it’s something straight out of politics. In a way, it’s not far off. At it’s core Data Governance is about creating the framework and policies for managing your company’s data. It’s where the rules are established on how data is collected, stored, accessed, and used ensuring that your organization’s information is always:
Accurate: Free of errors and inconsistencies.
Secure: Protected from unauthorized access or breaches.
Accessible: Available to the right people when they need it.
Think of data governance as a rulebook for how your organization handles information, ensuring compliance with industry regulations and minimizing your risks.
The Risks of Poor Data Governance
Speaking of risks, you might not have given much thought to Data Governance before now, or maybe you’re here to brush up. Either way, the reality is that without a solid data governance strategy, your business is exposed to significant risks and challenges, including:
Cybersecurity Vulnerabilities: Unregulated access can lead to breaches, ransomware attacks, or data leaks and make breaches and attacks worse.
Regulatory Non-Compliance: Many industries require strict data handling practices, and failing to comply can result in hefty fines.
Lost Productivity: Employees waste valuable time sifting through disorganized data or recreating lost files.
Damaged Reputation: A data mishap can erode customer trust, especially if sensitive information is exposed.
How Data Governance Protects Your Business
While poor data governance can expose your business to risks, a well-defined strategy offers protection and efficiency. With the right rules and controls in place, you can transform your data from a problem waiting to happen into your most valuable asset with:
Improved Cybersecurity: Restricted access and encryption ensure employees only have access to the data they need, not the data they don’t. This minimizes human error, insider threats, and, in the event of a breach, limits how much access a threat actor has, effectively containing the scope of the attack.
Streamlined IT Support: With well-organized data, your IT team, whether internal or outsourced like SFY, can work more efficiently, reducing downtime.
Enhanced Decision-Making: Accurate and reliable data enables better business insights allowing you to make better decisions.
Regulatory Confidence: Stay compliant with data privacy laws like GDPR, HIPAA, or PIPEDA.
What Businesses Can Do to Address Data Governance
Now that we’ve covered not only the risks and challenges of poor data governance but also the benefits of good policies and practices, the question is, how does your business implement a successful data governance strategy? Here are some basic steps to get you started:
Conducting a Data Audit: Assess your current data practices to identify gaps, risks and who needs access to what data.
Setting Clear Policies: Define how data should be handled across its lifecycle.
Using Access Controls: Limit who can view or edit specific types of data based on what that employee needs access to and what they don’t.
Partnering with IT Experts: Work with a Managed IT provider like SFY to implement tools and processes that simplify data governance.
Data Governance and Cybersecurity: A Perfect Pair
A good data governance framework doesn’t just organize your information, it bolsters your cybersecurity. For example, access controls ensure that sensitive data is only available to authorized personnel, reducing the risk of insider threats or accidental data leaks. With proper policies in place damage from a prospective data breach is mitigated and your company’s reputation will remain intact.
This dual focus on organization and security makes data governance an essential part of any comprehensive IT services package.
How SFY Helps Kelowna Businesses Manage Data Governance
SFY is more than simply a tech support help desk, we help your business make the most of its data through smart governance practices. Our solutions include:
Custom Policies and Procedures: Tailored to your business needs.
Advanced Security Measures: Protecting data from both internal and external threats.
Ongoing Support: Helping your team stay compliant and productive.
Take Control of Your Data Today
Disorganized and unsecured data doesn’t just cost your business time, it could cost you everything.