Data Management is Risk Management

Lately I read a dutch article about data management. Many articles are written with the topic of data management nowadays because people are not able to define data management in a specific way. But nevertheless because of this I came across a comparison which made me think and I want to explore this a little bit further: Data management is Risk management.

Data management is Risk Management but Why?

Working with data does not have only benefits. It brings responsibility and risk to your company as well. Data can age, be seen by unauthorized people, changed by unauthorized people or get corrupted. How about data that is lost or can not be found within the IT landscape of your company? That is why data management is also risk management. Companies have to be careful with handling data and know what data their are handling. For example the financial data, memos and customer records are part of the company secrets and therefore subject to extra regulations.

Law & Order

We can do many different things in order to keep our data safe. Of course your Chief Security Officer plays a big role in this area. He has to make sure that all the regulations are followed. GDPR is one these regulations in place. But this is just the basic. Risk Management of data is becoming more and more an unique selling point for companies.

The definition of Risk Management

The identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks. An organization may use risk assumption, risk avoidance, risk retention, risk transfer, or any other strategy (or combination of strategies) in proper management of future events. by Business Dictionary

Risks

We can define many risks as it comes towards data. But in my opinion is the biggest risk that you lose trust. The trust that your clients give you by distributing their personal information to you in order to buy something. But also the trust in governments and health institutions can be under attack when they lose data from their clients, the civilians or patients. Managing those risks are of great importance to make sure your company has a right to exist in the future. It is a tough world when you are losing the trust of your important stakeholders.