The Data Problem
In the News
The Data Problem
Data has become the currency of the modern world, with companies collecting around 2.5 quintillion bytes daily, helping them improve operations, optimize marketing efforts and boost functionality. And despite the grumbling of consumers concerning these data collection practices, it undeniably enhances the customer experience. Nevertheless, as businesses’ insatiable desire for data grows, data privacy becomes an ever more significant responsibility. While data is connected closely to an organization’s success, it also must be a good steward of its customer and partner data, particularly in light of increasing regulations from various governmental agencies across the globe.
Understanding the Data Loop
A fundamental aspect of securing customer and partner data is developing a firm understanding of one’s data loop. Not to be confused with the data paradox, which merely points out an observable reality, the data loop details the actual data lifecycle. It begins with a company capturing data, standardizing it, providing access, feeding analytics to drive insights, and finally closing the loop by operationalizing those insights into the frontline business processes. This loop allows companies to think critically of data usage, business priorities, and – most importantly – how data is part of a connected ecosystem.
With more data moving into the cloud and the demand for raw data increasing, businesses must ensure data remains secure throughout the data loop. When sharing data, companies mustn’t jeopardize their customers’ privacy. Data leaks and breaches could result in reputation deterioration and the loss of customers. Moreover, companies must take a sophisticated approach to compliance as there is the risk of legal penalties from the growing global regulatory environment. By establishing a thorough understanding of the data loop, businesses can see where their information travels, who touches it and how it gets used – helping them maintain data privacy and security from capture to deletion.
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To stay ahead of the evolving battle against cyber-attacks, security must be architected into every facet of a business. Learn more here: https://www.epam.com/services/consult-and-design/enterprise-technology-and-operations-transformation/cybersecurity