In the era of Big Data, companies are collecting, storing and using more information about their customers, vendors, products, and competition every year. At the same time, more organizations are at risk of a cyber-attack. Or, unfortunately, have already fallen prey to one.
Your Middle Market firm can learn invaluable information from collecting Big Data, but it has to be protected as well.
What To Consider When Collecting Data
Collecting data on your sales, employees, and customers, for your purposes, could mean more leeway from rules and regulations. Even if you aren’t sharing the information, your company is still ultimately responsible for keeping the data secure.
There are things you need to keep in mind about what you collect and how it is used.
Tips For Data Collection
Perhaps you know Big Data will be important in the future but you aren’t sure how. So, you collect and keep anything and everything you can. But, you don’t do anything with the data regularly and you assume it is protected by your current security systems. Don’t collect more information than you need. If you aren’t using the information for anything, you are paying for wasted storage, time and maintenance. Also, you open yourself up to much greater risks.
Ideally, keep your Big Data information separate from personal information. Perhaps you’ve invested in a program or technology to collect and keep these data sets. Or, you may have developed your own internal use repository. Either way, you need to secure it and ideally keep your customer, vendor, and employee information in other databases or under separate security measures.
Keep your Big Data information secured always. Test and update your systems regularly. Upgrade your software so it is always up to date. Utilize the highest level of security encryption you can. Educate yourself and IT teams on security trends and breach news.
Security Concerns
Big Data collection and storage can bring heightened security risks and repercussions. Know exactly what you collect. Verify you have the right to collect and keep it. Address all security concerns before you get started. Resolve and shore up any weak areas. If you are using an external system or program for storage and reporting there will be additional needs. So, complete your due diligence on the company, their security systems, and any past security concerns.
Understand what you are collecting and sharing. Research what you could be liable for if any of the information is breached.
Big Data can be very useful for your organization but it comes with greater risks and responsibilities. Prepare your Middle Market organization to protect it properly.
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