Big Data may no longer be the newest trend in business; but, its growth and adoption continues to revolutionize the digital landscape for both businesses and individuals. As stewards of the largest, most comprehensive data sets in the world, we must continually evaluate how we’re managing sensitive data in order to protect the privacy of the individuals affected.
This year, it’s time to take a look at your organizational data management practices to ensure privacy protection for consumers and minimize risk for your company as Big Data moves into new markets. These five tips will help get your year started on the right foot.
Evaluate your data sharing practices
If your business runs on data (and it probably does), take a look at where that data is going. Are you sending it to third parties for cleansing, validation or analysis? If so, it’s time to take a look at your data sharing practices. Most vendors require data transfer through a secure channel such as SFTP, but many settle for less trustworthy avenues. What’s more, if they retain your data, their internal policies and security standards may put your data at additional risk. Be sure your due diligence process reviews your vendors’ policies and procedures for handling data, and that you trust your proprietary information will not be used for unintended purposes once you hit “send.”
When you send data out for scoring, analysis or any other purpose, take the time to pare down your data set to the basics. Sending out full PII profiles for fraud scoring or marketing leads is unnecessary. By sending only the data points necessary to complete a task, you’re protecting your customers from misuse of their data in the event of a data breach, and preventing third parties from using your data for unintended purposes. What’s more, in many cases you may disassociate data points from each other to further minimize the possibility of misuse. If you need a place to start, check out the data transfer process XOR developed called ID Factoring, which allows data sharing while minimizing risk.
Follow ‘Privacy by Design’ principles in new developments
Do you have a groundbreaking big idea on the docket for the year? Before your dev team starts coding or your sales team starts pitching, stop to consider if your big idea is built to protect individuals. Walk through the seven foundational Privacy by Design principles to determine if your new development, business model or product is built to protect consumers.
Is your Big Data too big?
Is your organization collecting too much data? To many companies, Big Data means collecting and storing every data point available to them, even without an immediate need or purpose. While we admire the go-getter attitude, all this unused data presents additional risk in the event of a data breach or compromise event. Consider adopting data minimization practices in 2017 to ensure your company’s name isn’t the beginning of a terrible headline in the coming year.
It’s 2017! Wake up and smell the coffee!
Take a timeout to understand what’s going on in the industry. For obvious reasons, data vendors are notorious data hoards. They perpetuated the continued use of old technology and outdated data models that require you to send your data to them for processing, justifying it in the name of Big Data. Why does this process exist? Because data vendors rely on a constant flow of your information to make money. It’s time for us all to embrace new technologies that allow us to ownership of our proprietary information, instead of relinquishing ownership to vendors. There are sound and much more secure ways to share your data that do not require you to relinquish ownership or, in some cases, even send it outside your firewall. Interested in learning how? Check out this quick video and then drop us a note to chat.