‘Data’- This small word has become the locus of debates and discussions across different fields, including business and management. But what exactly does data refer to when it comes to organizations, and what is the big deal with data breaching? Well then, let’s churn out the answers.
According to the International Standard on information management and security (ISO27001), a breach is referred to as an ‘information security incident’, and is defined as “[A] single or a series of unwanted or unexpected information security events that have a significant probability of compromising business operations and threatening information security.”. This explanation is quite broad, hence let’s point out the major alert markers of data breaching. These are –
Confidentiality breach (when company’s principles are violated)
Integrity breach (when there are errors in the storage or manipulation of information)
Availability breach (when the company’s service agreement is not met)
Data breaching can significantly affect the behaviors of customers and also the company’s performance. Recently the rate of data breaching has increased at an alarming rate. Let’s comprehend the issue by taking one of the most recent data breach incidents reported in India.
Domino’s Pizza Data Scam
If you are a fan of sci-fi movies, you might have come across the word “dark web”. Recently, Alon Gal, a cybercrime intelligence pioneer, revealed that the personal information of over 180 million customers of Dominos India is for sale on the dark web. According to the primary reports available, the customers’ names, email addresses, and phone numbers are based on the pizza orders that they made. The hackers are asking for 10 bitcoins (almost 4 crores). The hacker also claims to have breached the details of over 250 employees working in Dominos India. However, the company responded that the financial details of the customers are safe and sound since the company uses a third-party site for the cash payment for the orders received.
Now, since the security of both the customers and the employees are at stake the company would lose their potential customers as well as a climb down the ladder of performance. But does this mean that we just cope with such vulnerabilities and social evil? Definitely not, because that’s where data governance steps in.
As the name suggests, data governance is the efficient management of an organization’s information, held aloft by three major pillars;
ETHICS. TRUST. TRANSPARENCY.
It is a mode of making the organization much more nuanced in terms of the accountability of the data that they possess. Such efficient management suggests that companies could hire chief data officers to manage the electronic data, in terms of its collection, transmission, manipulation, and privacy as well. All these processes must abide by a set of well-stated ownership and licensing rules which would then enable transparency. Data governance is not all about ensuring privacy, it also includes neat distribution of data and its entry. For instance, the new customer relationship management’s(CRM) efficient data collection would stimulate better sales and marketing.
Moving on, the next step would be to know what to do when your data is breached. When it comes to tackling data breaches, an organization must be well versed with a few terminologies like,
According to the registered police reports, reactions post data breaches from companies are devastating. This is because most organizations are underprepared to face such incidents. Experts advise that organizations must have an Incident Reaction Plan (IRP), in handy before such mishaps. This action plan not just includes an immediate legal response to external data breaches, but also internal hacks and errors.
The worst nightmare that data breaches bring in is the fact that even when the law labels the company as a“victim” the clients may not follow that notion, and the company’s reputation and sales would be crippled. Hence it’s better to prevent such social evils by embracing proper data governance, and by having a proper action plan ready beforehand. Remember, “a stitch in time, saves nine”.