The Data Standard
Following a data-driven approach is the best way of running a successful business. Data collection and analysis applies to many different areas- from understanding customer trends to reducing operational costs. But data also applies to risk management. By using analytics to assess business risk, you can develop more secure systems that protect against cyber-attacks.
Risk assessment is a critical part of implementing a data security plan. However, many companies assess risk by merely referring to previous experiences or industry trends. This approach is less specific and may result in higher costs, non-compliance with established regulations, and vulnerability to potential data breaches.
Luckily, following a data-driven approach will help your business protect customer data and assess the effectiveness of current controls. Risk assessment via data analytics will also result in the implementation of better risk management strategies.