With the explosive growth of big data and cloud computing, we’ve seen a remarkable increase in the quantities of data we generate each day.
According to a study by EMC Corporation, it is estimated that we will generate 1.7 megabytes of data every second, of every day, for every single person on the planet in 2020. That is equivalent to 40 Zettabytes, or 40 billion Terabytes per year.
This is a goldmine of information, but even more surprising is the fact that only 12% of this data is ever properly analyzed—namely due to a lack of effective data governance.
There has been a crackdown on data regulation, in the form of legislation due to the massive quantities of consumer data that companies hold. Some of the most recent enactments include:
The California Consumer Privacy Act (CCPA) – CCPA was enacted on the 1st of January 2020, meaning any business that stores information about customers in the state of California must abide by these new regulations. It allows any California resident to request a full overview of the entire dataset a company holds on them. This act also extends to 3rd parties that you have shared data with to provide services, making effective data management a vital part of your data governance strategy.
Failure to comply with CCPA can result in hefty civil penalties of up to $7500 per individual, and you are still liable for these penalties if your business resides outside of the U.S. Any company providing services in California, with annual revenues above $25 million, must adhere to this law, along with any business that stores information on more than 50,000 individuals at any one time. You’ll also be subject to the CCPA if more than 50% of your revenues come from the sale of personal information.
The EU General Data Protection Regulation (GDPR) – The CCPA was modeled after this pioneering regulatory system, which was enacted back on the 25th of May 2018. This regulation covers all citizens in the European Union and gives them the right to view all the data you hold on them, as well as requesting it be deleted from your systems through a formal deletion request. This is known as “the right to be forgotten,” and businesses get one month to respond to such a request.
The financial ramifications for breaching the GDPR are huge, with a maximum fine of €20 million or 4% of your business's annual global turnover—whichever is greater. Avid Life Media Inc, headquartered in Canada, owns the Ashley Madison brand, which was subject to a data breach that affected over 36 million user accounts. They have since rebranded their parent company to Ruby, after agreeing to a settlement of $11.2 million in compensation. As you can see, the punishment extended beyond financial penalties, provoking a complete rebrand of the company after their reputation was tarnished.
Data Governance 2.0 represents a general global consensus on essential data governance principles and strategies. This builds upon the existing DG 1.0 framework, taking into account the growing need for value-driven data processing and risk reduction.
There is monumental potential for assisted data governance, through machine learning and AI. As data generation continues to grow, we need to find ways to filter through datasets and store only the vital information required to gain insight, without sacrificing user privacy. It is also essential to extend access to insight beyond your IT team, to every working member of your organization, through a unified data governance strategy that puts security at the forefront.
Trianz is a leading data governance consulting firm, with decades of experience helping our customers to achieve full compliance with regulations like GDPR, CCPA, PCI-DSS, and HIPAA.
As you move from in-house hosting to the cloud, we will help you identify and implement new technologies so that you can automate and regulate the management of your datasets with ease. Data Governance doesn’t need to be complicated, and that’s why we work to handpick the best software and hardware combinations for your business strategy.
Get in touch with Trianz and start building a robust Data Governance strategy with us today!
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