Where in the world is your data?
We have moved beyond big data into exponential digital information growth:
90% of the world’s data has been created in the last two years alone
But while data volumes may be exploding, big doesn't automatically equate to good. Data quality is a real issue which creates inefficiency; according to HBR bad data costs the US a whopping $3.1 Trillion annually (have a look at how that plays out as a ‘hidden data factory’ for example).
So data matters but it’s never been more important to get the right foundations of data governance, quality and compliance in place before or while you build your ambitious data strategy and invest in intelligence or data science capability. In other words, when you are looking at the exciting stuff, it’s essential not to neglect the basics.
At Trace we help businesses track, protect and visualise the data that matters; for us that means the personal data organisations are accountable for. In terms of regulations like the GDPR, businesses need to have Records of Processing Activities (RoPA) or an inventory, and the right Data Protection policies, processes, training and cultural approach to support Privacy by Design principles. And these are all vital aspects of compliance which we help our clients get in place; however, at Trace our approach is to go further and put visualisation of personal data at the heart of privacy and compliance.
Let's look at an example of how we do that: creating a global personal data footprint for our clients.
Here is a look at Trace’s global data visualiser tool, which demonstrates your organisation’s data sovereignty ( i.e. the key concept that digital data is subject to the laws of the country in which it is processed) .
At Trace we draw on our deep understanding of the global privacy landscape to deliver insights into which legislation applies and determine adequacy, and data residency (i.e. the physical geographical location of that data - for example where the cloud service’s data centre is).
So why does having a handle on data sovereignty and residency matter?
How can you protect data, comply and manage cloud risk, liability or contract gaps if you don’t know where the data you’re responsible for as a business is? Understanding the legal requirements of cross-border transfers and implications of storing data in a different geographies is fundamental to meeting data privacy and security obligations in our data driven economy in which companies increasingly rely on Software as Service (SaaS) and cloud storage services to operate, which are located globally. Good data is quality, protected and traceable data, which helps you uphold the accountability principle of compliance.
Get in touch to see how our professional services or secure SaaS platform can help you locate, visualise, de-risk and look after the data that matters and protect your business.