Published on Feb 21, 2023 Data privacy is a growing concern in today’s digital world, and companies must ensure that they comply with privacy regulations to avoid penalties and reputational damage. A data inventory is an essential aspect of privacy compliance, as it provides companies with a clear view of their data footprint and helps them manage their data effectively.
Privacy compliance relies on good data management:
Good data management is critical for privacy compliance, as companies must have a clear understanding of the data they have, where it is stored, and who is responsible for it. A data inventory provides this information and is essential for companies to meet their privacy obligations. As privacy and data protection regulations expand, organizations need to show how they reduce and manage risk.
Data inventory needs to be a living record:
A data inventory is not a one-time exercise, but a living record that needs to be updated and maintained regularly. Companies must keep track of any changes to their data assets and ensure that their data inventory reflects these changes.
Without a data inventory, companies have a limited chance of achieving privacy compliance objectives:
Without having an accurate data inventory, companies will not be able to identify and mitigate risks within their operations and systems. Without the ability to identify these risks companies will be hard-pressed to meet their needs to achieve their privacy compliance objectives, as they will not have the insights into their data footprint needed.
A clear view of the data footprint is essential to identify where high-risk or high-value data resides:
A clear view of the data footprint is essential to identify where high-risk or high-value data resides, and a data inventory provides this information. Companies can use this information to understand their data assets and implement appropriate privacy and security measures to protect their data.
A complete inventory provides the opportunity to remediate old data:
A complete data inventory also provides companies with the opportunity to remediate old data that may no longer be necessary or that may pose a risk to privacy. Companies can use this information to identify and delete old data that may pose a risk to privacy and ensure that their data is managed efficiently and effectively.
In conclusion, a data inventory is an essential aspect of privacy compliance, as it provides companies with a clear view of their data footprint and helps them manage their data effectively. By having a comprehensive data inventory in place, companies can meet their privacy obligations, identify high-risk or high-value data, and remediate old data to ensure that their data is secure.
If your data inventory issues are a result of moving to M365 too fast during the pandemic, check out our workshop offered through Microsoft here.
To learn how a data map can help you find where your data lives, click here
