Скачать или смотреть Enabling the Compliance Function, Managing Data Risks: A Strategic Approach to Data Protection

Enabling the Compliance Function, Managing Data Risks - A Strategic Approach to Data Protection

In today's data-driven world, managing data risks has become a critical priority for organisations and boards as operational losses, breaches, and digital liabilities continue to rise with every increasing ransomware attack from cybercriminal groups, cybercrime, insider threats, and even from inadequate data governance policies surrounding digital transformation developments and operations, like the use of AI and SAAS solutions.

Adopting a strategic approach to data risk management is essential as we navigate complex regulatory environments and face increasing scrutiny. This approach involves automated continuous data asset discovery and quantification, continuous data protection impact risk assessments and audit digital forensic trails, continuous organisational data risk monitoring overview, continuous policy enforcement, and continuous encryption of critical data, reducing the risks of IP, PII, and PHI falling into the wrong hands in a breach.

The webinar offered valuable insights and practical strategies for enhancing your compliance function, effectively managing data risks, and adhering to diverse data protection law requirements.

Key Takeaways:
1. Importance of Data Inventory
• Understanding Data Assets: It's essential to maintain a comprehensive inventory of data assets, including structured, unstructured, and semi-structured data.
• Regulatory Adherence: Knowing where your data is, who has access to it, and how it's being used is crucial for regulatory compliance.

2. Accountability and Transparency
• Regulatory Overlap: Different countries have overlapping regulatory requirements, making it essential for businesses to understand and comply with them.
• Statement of Accountability: Organizations must clearly state their data practices and ensure they can prove alignment with these statements.

3. Risk-Based Approach to Compliance
• Risk Assessments: Conducting regular risk assessments to identify and mitigate potential data risks is critical.
• Data Protection Impact Assessments (DPIAs): Continuous DPIAs help organizations stay ahead of emerging risks and ensure data compliance.

4. Policy Development and Implementation
• Strong Compliance Frameworks: Developing clear policies that align with regulatory requirements and business objectives is essential.
• Technology Integration: Leveraging technology to monitor and enforce compliance policies can streamline the process.

5. Continuous Monitoring and Audits
• Real-Time Monitoring: Implementing real-time monitoring tools to track data usage and compliance is crucial for detecting and addressing issues promptly.
• Regular Audits: Conducting regular internal and external audits to ensure ongoing compliance and identify areas for improvement.

6. Employee Awareness and Training
• Ongoing Training: Regular training sessions for employees on data protection and compliance are vital.
• Tailored Training: Customizing training for different roles and departments to address specific compliance needs enhances effectiveness.

7. Emerging Risks and Digital Transformation
• Adapting to Change: Businesses must be prepared to adapt to new technologies and changing regulatory landscapes.
• AI and Data Management: Managing data generated by emerging technologies like AI requires robust risk management processes.

8. Controls and Safeguards
• Automating Compliance: Using automated tools to manage and monitor compliance can reduce the burden on compliance officers.
• Layered Controls: Implementing multiple layers of controls to protect data and ensure compliance.

9. Building a Culture of Compliance
• Leadership Support: Strong support from top management is necessary to drive compliance initiatives.
• Continuous Improvement: Encouraging continuous improvement in compliance practices and keeping up with industry best practices is essential.

Conclusion:
The webinar highlighted the importance of a strategic data protection and compliance approach. Organisations can effectively manage data risks and ensure long-term resilience by understanding data assets, conducting regular risk assessments, developing strong policies, leveraging technology, and fostering a culture of compliance.

These takeaways summarise the essential points discussed during the webinar. If you need more details on any specific area, please contact us at [email protected]