K
Kathleen Martin
Guest
For companies, knowing the data they hold is fundamental to being able to use and protect it. But companies increasingly store vast quantities of data. They access enormous, separate data sources virtually every day, which makes it harder to remember the origins of each data point.
A data inventory provides a complete record of the information resources maintained by an organisation. It allows companies to track essential data sources and streamline data collection and analyses. In its simplest form, a data inventory documents what data is being collected by the organisation, how the organisation utilises it in their environment, how the organisation protects it, and to where, whom and for what purpose it is transferred.
While data can be a huge asset, it can also be a major liability if not properly managed. Inaccurate, incomplete or inadequate data increases risk for organisations. It can make it difficult for companies to maintain regulatory compliance and may cause reputational damage in certain scenarios.
Without a robust data inventory, companies have a limited chance of achieving governance, risk and compliance (GRC) objectives. Managing data efficiently requires centralised control mechanisms. “A data inventory forms the core foundation of any strong data governance or privacy programme,” says Nina Bryant, senior managing director at FTI Technology. “How can any organisation manage, protect, secure or dispose of data if it does not understand what data it has or where it is stored?
“More importantly, a clear view of the entire data footprint is essential to an organisation’s ability to identify where high value or high-risk data sits and to develop effective strategies to govern this data through its lifecycle,” she continues. “In an age where data breaches are a daily occurrence, a data inventory enables the chief information security officer’s team to target limited resources to the data or systems with the highest value or risk.”
By establishing a centralised database for quick reference, companies can also increase operational efficiency, productivity and decision making, and ensure that employees stay on task. A data inventory can help companies transform data from a potential liability into an asset, easing compliance and risk burdens and facilitating digital transformation. Understanding what information a company gathers contributes to enhanced productivity and greater transparency for everyone in the organisation. It can improve reporting and decision making, and optimise operational efficiency.
Dark data
A complete data inventory also provides an opportunity to remediate historic data, manage risk and reduce costs. “A number of surveys have identified that approximately 30 percent of an organisation’s unstructured data is redundant, obsolete or trivial (ROT),” says Ms Bryant. “In addition, a recent IBM study identified that up to 80 percent of data is dark or unknown and unexploited data within an organisation, generated by applications, devices or interactions.
Continue reading: https://www.financierworldwide.com/for-the-record-the-importance-of-data-inventory#.YmBsvtrMI2w
A data inventory provides a complete record of the information resources maintained by an organisation. It allows companies to track essential data sources and streamline data collection and analyses. In its simplest form, a data inventory documents what data is being collected by the organisation, how the organisation utilises it in their environment, how the organisation protects it, and to where, whom and for what purpose it is transferred.
While data can be a huge asset, it can also be a major liability if not properly managed. Inaccurate, incomplete or inadequate data increases risk for organisations. It can make it difficult for companies to maintain regulatory compliance and may cause reputational damage in certain scenarios.
Without a robust data inventory, companies have a limited chance of achieving governance, risk and compliance (GRC) objectives. Managing data efficiently requires centralised control mechanisms. “A data inventory forms the core foundation of any strong data governance or privacy programme,” says Nina Bryant, senior managing director at FTI Technology. “How can any organisation manage, protect, secure or dispose of data if it does not understand what data it has or where it is stored?
“More importantly, a clear view of the entire data footprint is essential to an organisation’s ability to identify where high value or high-risk data sits and to develop effective strategies to govern this data through its lifecycle,” she continues. “In an age where data breaches are a daily occurrence, a data inventory enables the chief information security officer’s team to target limited resources to the data or systems with the highest value or risk.”
By establishing a centralised database for quick reference, companies can also increase operational efficiency, productivity and decision making, and ensure that employees stay on task. A data inventory can help companies transform data from a potential liability into an asset, easing compliance and risk burdens and facilitating digital transformation. Understanding what information a company gathers contributes to enhanced productivity and greater transparency for everyone in the organisation. It can improve reporting and decision making, and optimise operational efficiency.
Dark data
A complete data inventory also provides an opportunity to remediate historic data, manage risk and reduce costs. “A number of surveys have identified that approximately 30 percent of an organisation’s unstructured data is redundant, obsolete or trivial (ROT),” says Ms Bryant. “In addition, a recent IBM study identified that up to 80 percent of data is dark or unknown and unexploited data within an organisation, generated by applications, devices or interactions.
Continue reading: https://www.financierworldwide.com/for-the-record-the-importance-of-data-inventory#.YmBsvtrMI2w
