The biggest revolution of this era has been Data, with the exponential growth of digital information and steering in a transformative era, driving innovation, empowering informed decision-making in economies worldwide. However, this unprecedented surge of data has also ignited valid concerns regarding the potential risks associated with its handling and processing. The fragmented global regulatory landscape with absence of a unified set of principles governing global data privacy, ethics, and protection have created a pressing need for a balanced approach that safeguards individual’s fundamental rights to privacy while harnessing the immense potential of data to drive progress and meeting the SDG’s.
The core of this is striking an equilibrium between innovation and privacy. Data revolution has opened doors to rich advancements, fostering economic growth as well as enhancing public services, and revolutionising industries. However, the process of collection, analysis, and utilisation of personal data raise concerns about potential surveillance, discrimination, and misuse.
We are wary to the fact that incidences where personal data of has leaked onto the dark web, causing profound repercussions for businesses, and impacting on the geopolitics at large. The leaked data included sensitive information such as Aadhaar numbers, passport numbers, names, phone numbers, and addresses of almost 81.5 Crore individuals. This recent Aadhaar breach serves as a stark reminder of the vulnerabilities in our data infrastructure and the potential risks associated with the compromise of personal information.
As more and more social and economic activities transition online, the importance of privacy and data protection is increasingly recognised. Frequent exposure to the internet and digital mediums is a necessity for both social and financial requirements. In such scenarios, data protection is an unconditional expectation, not just from primary institutions like the government or financial institutions, but also from tertiary companies like social media platforms, e-commerce businesses, and other digital retailers.
The responsible use of data has become a matter of concern, as has data governance policy for both industries and users. The rise of global surveillance due to data misuse, coupled with high-profile scandals, has led to the development of new legal and regulatory standards worldwide. Governments and private institutions face daily challenges in protecting personal data, ensuring privacy rights, and fostering trust in data transactions. While some countries have made significant progress in introducing comprehensive data protection laws, others still struggle to establish robust frameworks. This evolving landscape of data governance demands immediate adoption, requiring an examination of key developments, legal mechanisms, and the significance of trust in facilitating responsible use and reuse of data.
The term, data protection is a common jargon surrounding every industry, but effective implementation of user data is a far-fetched fact, especially in sectors like healthcare, financial services, including public information where sensitive data is routinely handled. Data protection cannot be rigid and unchanging. Instead, it must be agile to adapt the changes in business processes and respond to emerging threats.
Data must be governed at every level with the right approaches to provide checks and defences in depth. Organisation across various industries are recommended to adopt a multi-faced approach. This includes diligently tracking data lineage and quality, specifying protection levels, and classifying data based on sensitivity. When utilising cloud services, ensuring data isolation and robust security for virtual machines is essential.
Physical security should be verified, both in cloud provider infrastructure and on-premises setups. Securing data in transit through encryption and implementing role-based access controls are crucial aspects of identity and access management. Differential privacy can enhance data sharing for research while preserving privacy. Additionally, organisation should establish effective audit logs, employ data loss prevention techniques, and maintain access transparency through continuous monitoring using automated tools.
Staying ahead of data security threats and complying with evolving regulations is crucial for maintaining robust data protection protocols. Data privacy concerns are common across industries, making these considerations universally applicable. Institutions should adopt systems and processes that minimise impulsive decision-making when addressing data breaches.
Automation and well-planned, documented responses are essential for effectively managing potential breaches. SCIKIQ’s intuitive no-code interface, AI-powered analytics, and LLM capabilities revolutionise Data Governance. By adopting SCIKIQ, organisations can effectively enforce internal data security measures, streamline operations, improve decision-making, and ultimately achieve greater profitability.From Classification to Encryption: Essential Steps for Safeguarding Your Information
Reference
Evren Eryurek, Uri Gilad, Valliappa Lakshmanan, Anita Kibunguchy, Jessi AshdownData Governance: The Definitive Guide. People, Process and Tools to Operationalize Data Trustworthiness. March 2021.
Data Management Body of Knowledge, DAMA International Technics Publications, Basking Ridge, New Jersey.
Giordano, Anthony David. Performing Information Governance: A Step-by-step Guide to Making Information Governance Work. IBM Press, 2014. Print. IBM Press.
Further read:
https://scikiq.com/supply-chain
https://scikiq.com/marketing-use-cases
https://scikiq.com/retail
https://scikiq.com/healthcare-analytics
https://scikiq.com/banking-and-finance
https://scikiq.com/telecom
