Invest in resilient data management systems to improve innovation and overall business performance
Data is currency in today’s digital economy; it forms the basis of all knowledge and transactions for businesses to make important decisions. Since this data also enables better analysis and decision-making, organisations need to ensure that they are investing in robust data management solutions that manage and protect their data better, especially as they scale.
Benefits of an effective data management system
Effective and efficient data management solutions enable organisations to access up-to-date information, make better sense of what they have at hand, simplify essential functions, and reduce the time taken to make decisions.
These solutions improve the visibility of the organisations’ assets to allow employees to find the right data quickly, which increases productivity and value. They minimise potential errors by using an established process, allowing companies to tackle any unprecedented market challenges and comply with customer needs.
Data management allows organisations to scale data quickly and with lower costs, and also protects organisations and their employees from potential data breaches and loss. Adopting a data management system with an in-built strong security and data backup and recovery processes is a must-have for every organisation. Not only should the system be able to protect organisational data, but it should be able to detect and prevent any harmful cyber-attacks to remain truly efficient.
Data management best practices
1. Ensure you have a clear goal to adopt a data management system
2. Conduct regular checks to ensure up-to-date accurate data
3. Train team members to input correct data
4. Limit employee access to all data
5. Prioritise security of data and ensure processes meet compliance requirements
While data security involves the implementation of strategies to protect against and prevent cyber-attacks and data breaches, going one step further to mitigate the impact of a possible cyber-attack and bounce back is ideal. This is where cyber resiliency comes into the picture. Cyber Resiliency is the ability of an organisation to protect itself from, detect, respond to and recover from cyber-attacks and any unforeseen challenges.
Cyber resiliency strategies for improved business
Today, more than ever, it is imperative for organisations to be cyber resilient and ensure data security in their storage systems. Given the threat to data centre infrastructure, end-user devices, and the data assets stored on both, businesses must invest in cyber-resiliency strategies to reduce risk.
To understand this, IT research and strategy firm ESG (Enterprise Strategy Group) surveyed 750 IT decision makers on their levels of cyber resiliency based on their responses to four questions that targeted four key areas.
1. Staffing in the cyber security team
2. Presence or absence of problematic skill gaps in the team
3. Level of investment in cyber security products and services to secure its systems, applications, and data
4. The organisation’s focus on formally and rigorously monitoring the security of partners and IT vendors to minimise third-party risk
Organisations that confirmed that there were no open positions for staff on their cyber security teams, no skill gaps in the team members, optimal investment in security technology, and rigorous third-party risk inspection were considered Prepared. Organisations that had 2 0r 3 attributes were considered Vulnerable and those with 0 or 1 of these attributes were considered Exposed.
Why you should care about cyber resiliency
Cyber resilient strategies contribute to business continuity, allowing companies to continue core business functions even in the face of disaster. This also plays a huge role in driving digital transformation, further contributing to continuity and enterprise resiliency.
According to ESG, prepared organisations have overall optimal business performance compared to vulnerable or exposed organisations in the market as an investment in cyber resiliency practices not only minimises risk in companies but also improves their ability to innovate and thrive even during adversity. Research validated that greater cyber resiliency correlates to better IT service uptime, faster incident discovery and response, higher end-user satisfaction, more agile organisational innovation, and a better overall positive business outlook.
An efficient cyber resiliency strategy can not only lead to fewer security incidents and data breaches, but also improve compliance with government regulations, reduce the risk of fines, and ultimately, strengthen customer trust in the brand leading to an enhanced reputation.
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