Expressed opinions Entrepreneur Contributors are their own.
According to Statistar, in 2021 alone, 70 jetabytes of data were “… created, captured, copied and used”. (If you’re thinking, after a Jetabyte, there are 21 zeros, and that’s about 30 billion dollars of data in ultra-high-definition movies.) The problem is, since companies lock their data for security reasons, much of the insight it can provide is being locked.
The simple fact is that most companies are sitting on the gold mine of information – it is very difficult to use, because business leaders have seen the fines and headlines involved in the breach and do not want to take any risks. And that’s a real missed opportunity.
As companies add layer upon layer of security, it is harder and harder to do more than just spend the center fighting for that data and securing it. Data-sharing agreements are becoming more complex, due diligence is becoming more complex and difficult to complete, and technical risk assessment is both more expensive and more time consuming. You will need to pay outsiders for more people involved and / or audit. Eventually, access logistics are becoming harder and audits are becoming more frequent and interrupted.
Today’s security tools make risk more manageable, but what we really need is data mobility – security in place, but also tools to make data easy to use, as well as an understanding of how to make it work optimally.
Related: A data breach in 8 ways could get your company out tomorrow
The key to such activity is to have a few necessary controls.
1. A platform that protects you from the complexities of your processor partner
Secure data sharing services allow you to collect data once, with a compliance agreement that covers each use. Meanwhile, new control and processing surveillance technologies, such as digital contracts, can control which data can be used by which partners and prevent misuse in real time. Even if your partners have a Byzantine permission process or procedure, it doesn’t matter. Your data platform handles complexity and gives you meaningful reports that will keep you informed about where and how much data is being used and how much is not. These processes should be highly predictable, completely secure, and infinitely repetitive. It is a game changer for data management and usage risk management.
2. A clear indication of what analysis is being used
You or your data compliance team must be able to accurately review and understand any analysis you use. To use a manufacturing analogy, you need to understand not only the final product, but also how the sausage is made.
3. Ability to verify for trusted algorithms
You want to make sure the right people are touching the right data at the right time. Your data platform should be able to see a fingerprint in the code before anything happens and there should be zero trust authentication to back up everything.
Related: 8 Ways Data Analytics Can Revolutionize Your Business
4. Ability to set boundaries for what you share
You need to make sure that you are only returning the necessary information to the partner, not a complete database, and that trusted technologies referred to as “confidential calculations” can secure the associated processing. In short, you should have full confidence that only your permitted data will be used, even for informal analysis.
5. A view of the value you are creating
This is especially important if you want your data to increase your revenue. You need to make sure that you see what is being created from the results and understand the value for your partners This is the only way you can know what your data really is and be able to set the price accordingly.
When all the right data management platforms and processes are in place, the risks can be managed and the reverse is clear, and That Data agility: Confidence that it is secure and used only in ways that will not put you and your company in hot water.
In fact, agility means you don’t really have to worry about who is using your data: you know that it will be used properly and no one will be able to destroy it, and that is a goal that everyone can pursue.
Related: How to use the right data to make effective business decisions
