It is crucial for businesses to evaluate their existing data security policy and make strategic changes to stay secure from sophisticated threats this year.
There are various industries that are prime targets for cybercriminals, and there are tremendous amounts of sensitive personal, professional, and financial information that these criminals are targeting to steal. It is crucial for businesses to ensure a streamlined DevOps and DataOps pipeline to keep the system updated and protected against unwanted intruders. However, it can be challenging for businesses to update these systems and ensure they are secured to maximize confidential data in 2023. With new tools and technology emerging, businesses need to know how to securely tap into their data and achieve business scalability.
Also Read: Data Security Challenges in 2022 and Beyond
Following these three simple strategies, businesses can implement to unlock and maximize untapped data:
Understand confidential data’s potential use cases:
According to another report by the Confidential Computing Consortium titled “Confidential Computing: The Next Frontier in Data Security,” currently, $300 billion of the world’s most valuable data remains untapped due to the lack of a secure processing environment. There is a critical need to enable multiple parties within and across organizations to share confidential data and perform analytics and AI without violating regulatory policies or data privacy.
“When confidential data is unlocked and able to be worked on by multiple parties, banks, for example, can pool their data together to more effectively detect fraud and human trafficking – all without exposing data to each other, third-party cloud providers, or the system in which it’s running,” says Rishabh Poddar, CEO, and Co-Founder of Opaque Systems.
Swap out traditional data encryption techniques
As organizations look to enhance data privacy, more efficient and reliable software is needed that processes data in an environment where it can be secure and protected when in use – and throughout its lifecycle. Organizations that shift away from traditional encryption techniques and accelerate their adoption of solutions that provide end-to-end confidentiality will prevail and get the trust value of untapped data.
Talk to the CISO about implementation and know the questions to ask
To be able to use confidential data and protect it against insider threats and adjacent workloads in a multitenant/user environment and enable multi-party collaboration, a CISO or business decision maker needs to be on board. Start the conversations around utilizing confidential data early and understand your goals. When a CISO understands the impact confidential data can have, a business can move into the future, better secure its data, and create a more efficient analytics process. A recent report by Gartner titled “2023 Strategic Roadmap for Data Security Platform Adoption” suggest that approximately 30% of enterprises will have embraced Broad Data Security Platform (BDSP) by 2025. it will be an exponential jump because the adoption of Broad Data Security Platforms was less than 10% in 2021. The report highlights the surge in demand for better levels of data security because of the sudden increase in product capabilities.
Also Read: Why Do Businesses Need a Risk Reset for a More Secure and Automated Cyber Future?
Implement cloud data governance
As businesses across the globe have successfully embraced remote or hybrid working to artificial intelligence (AI), cloud technology is revolutionizing modern businesses. The majority of organizations have successfully migrated to the cloud or, at least, to private clouds. It has become essential for organizations to set effective cloud data governance policies to keep their confidential data secure in the public cloud. However, embarking on a journey to become cloud-native has multiple risks, such as budget overspending because of migration delays. It is essential for businesses to set effective cloud data governance policies without compromising on security.
Businesses can embrace the above-mentioned strategies to make the most out of confidential data in 2023.
