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Data Management Can Be an Asset and a Liability Too

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Today, almost every business is trying to leverage data to improve revenue, reduce expenses, and mitigate risk with artificial intelligence (AI) and machine learning (ML) technologies. Intangible assets like data can often become a serious liability if not handled properly. Data collection without a clear business purpose will significantly increase data volume. That will impact data management and increase its cost. This article by Daragh O Brien at The Data Administration Newsletter speaks about why data is a risky business.

Initiatives for Data Management

Data management professionals should make an effort to think the unthinkable and go beyond their immediate experiences to develop risk models. Whenever developers design convenient devices, they must consider the possibility of misuse and abuse and extend the necessary protections before launching these devices.

Importance of Data

Here are two things that will profoundly impact risk modeling for data processes in organizations. First, as the Russian government tightens control over information sources and feels the effect of sanctions, it is compelling companies to withdraw from the Russian market. This is beginning to descend like a data ‘Iron Curtain’ over that market. Second, regulation of cross-border data transfers from the EU to the United States and elsewhere has become more complicated. Thus, it is impacting the functionality of cross-border data flows and the ability of EU-based organizations to use third-party cloud services.

Data Risks

The author draws a lesson from history to elaborate on today’s data management challenges. Government and private organizations collect a lot of confidential data about people. When this information is breached, it can pose a tremendous risk to the company and people. The government focuses extensively on information security risks and data exfiltration by bad actors to prevent any cyber incidents. For instance, a recent ransomware incident crippled Ireland’s national infrastructure and affected Irish Healthcare for over a year.

Furthermore, the author elaborates on interlinked things and what data experts must do to prevent bad actors from misusing data and innovation.

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