Module 2: Give Your Teams the Data They Need to Make Decisions
Vital to your organization’s digital transformation is the use of data and data analytics to make decisions more efficiently and more consistently. Gartner’s report on Technology Trends for 2022 calls this “Decision Intelligence.” Decision Intelligence is not just about using data to support your decisions. It’s also about looking for ways that “decisions can be scaled and accelerated with automation.”
Key Categories of Automation for Data-rich Businesses to Consider
There are three areas your fusion teams should consider when looking at how to automate data management.
First, there is the architecture you build to manage the personal information you collect from customers and use to run your core business. It is imperative that your vendors, your partners, and your licensees are also part of this secured architecture, because how they use your data impacts your bottom line.
The second category of data automation to consider is keeping up with the regulations in every state, country, and market sector that your business connects to through its data usage.
RadarFirst’s Breach Guidance Engine™ employs an ever-current law library to determine what response and threat levels exist, so that your response team can make decisions based on up-to-the second information about who has been impacted, where, and what laws are in place, as well as the breach notification requirements of each regulating agency.
Attempting to track this information manually via spreadsheet is risky and doesn’t show a sufficient commitment to responsible data management practices in the case of a data breach investigation. Also, making decisions based on a consistent body of data and a consistent analysis framework powered by the Radar Breach Guidance Engine™ allows your organization to take a defensible position when you face investigations of data breaches and responses.
The third category of data you need to consider is benchmarking data to make process improvements. RadarFirst’s incident management platform allows you to track:
- What kind of data incidents are happening
- Whether they are coming from inside or outside of your organization
- How many people are affected
- How quickly you respond
- Whether your response occurs within the legal timeline requirements.
Radar’s dashboard of information allows you to recognize patterns and make determinations about where your data management systems and processes need strengthening.
Moving forward, it is unlikely that brands will collect less data – in fact, Forbes suggests that companies will look toward collecting more data as a way of strengthening and personalizing brand-to-customer relationships – and that customers want that data-driven personalization.
Gartner forecasts that, “Worldwide spending on information security and risk management technology and services is forecast to grow 12.4% to reach $150.4 billion in 2021,” a nearly 200% increase in year-over-year spending increase from 2020. Yet even in the face of increased spending on data security measures, we anticipate that the rate of data breach incidents will accelerate. Forbes reports that, “the number of data breaches so far this year (2021) has already surpassed the total number in 2020 by 17%.” What will distinguish trusted brands is not whether they face data breach incidents, but rather how they respond to those events.