 In the past decade, data breaches and losses have rapidly approached epidemic proportions. Data has become a highly desirable and profitable asset, and not just to the people who should be using it. Organizations that do not adequately consider the value of data and the material damages that can result if data is stolen, lost or used inappropriately—either by the organization or a third party—invite considerable risk. Data Risk Management, which encompasses operational, credit, market and regulatory risk, is an important part of an overall data governance strategy. Simply put, data risk management offers a methodology by which data risks are identified, qualified, quantified, avoided, accepted, mitigated or transferred out. With effective data risk management, organizations can quickly and confidently answer the following types of questions: |
