The majority of businesses are receiving voluminous data, which leads to management challenges. While your organization can leverage the big data to obtain a competitive edge in your industry, its analytics becomes a challenge due to its increased regulation. This is especially crucial when you’re required to comply with various data protection regulations.
Also, the rise in data insecurity has led to increased regulations on big data to guarantee its safety. If your organization is handling big data, you should develop a mechanism to ensure that you analyze it appropriately and seal all the loopholes that may lead to breaches.
Definition Of Big Data?
At this point, you are probably wondering whether your organization is dealing with big data or not. To resolve your quagmire, we’ll breakdown the features that are used to classify data as big. They include:
• Volume. Big data is considered to be voluminous.
• Velocity. The rate at which your organization receives data is crucial in determining its nature. If the reception is fast, then you’re likely dealing with big data.
• Variety. How many types of data are you dealing with? Well, if you have data from different sources and in different forms, then you are dealing with big data. For example, you could be having structured, semi-structured, and unstructured data in your system.
The data stored in your organization may include data that you have obtained from your customer or that which you collected from public sources. To fulfill the requirements of various compliance bodies, you will be required to provide a thorough report indicating the type of data that you receive, how you utilize it, whether you share it with vendors, and the security measures in place to prevent data breaches.
However, analyzing big data is not easy! You will require highly sophisticated analytical tools to obtain accurate and reliable results. As such, you need to involve experts to guarantee a quick and easy compliance process. This process may be overwhelming, but the overall benefits will be worth the hassle.
The Link Between Big Data And Compliance
Big data directly affects your compliance process since you’ll be required to account for its flow in your organization. The regulatory bodies will be keen to evaluate every data handling stage, including collection, processing, and storage. The primary reason for the extensive evaluation is to ensure that your data is safe from any cyberattacks.
To obtain compliance status, you should develop security strategies that will protect your data. During the analysis, you’re expected to show how each of the risk mitigation strategies works and its efficiency level. This detailed report on your data security systems will make it easier for your organization to be certified.
Unlike institutions that deal with small data, you will require to use sophisticated analysis tools. Also, you must employ qualified professionals to analyze the data, identify security threats, and recommend mitigation strategies. As such, handling big data during the compliance process will require more resources compared to when handling small data.
However, you will harness the benefits of handling big data, which helps in getting clear predictive reports on the likelihood of an attack. When using this form of data during auditing, the auditors are likely to develop more stringent measures than if they used small data. As such, the use of big data analytics is one of the surest ways to develop some of the most reliable security systems in your organization.
How Big Data Is Applied In Compliance Process
One of the prerequisites for any compliance process is proof of detailed risk management strategies. Big data aids in developing a compressive risk evaluation system by:
• Prevention of Fraudulent Activities. The use of big data boosts the predictive analysis approach, which is an ideal way to detect criminal activities such as money-laundering. When a compliance officer uses big data for internal audits, they detect cyber threats and act on averting their occurrence. This accelerates the compliance process and builds confidence among your clients.
• Managing Third Parties Risk. It’s crucial that you adequately manage the risk associated with sharing your data with vendors if you’re in getting compliance certifications. Big data analytics will help you to manage the risks associated with the vendors. You’ll achieve this through a thorough analysis of their ability to protect your data before sharing with them.
• Helps in Managing your Customers. Before you get any compliance certification, you are required to prove that your customers are satisfied with how you handle their data. If you apply big data analytics, you will understand the behavior of your customers, which will directly influence your decision-making process, thus making the compliance process easier.
If your organization wants to benefit from compliance certifications, you must use big data analytics to adopt preventive compliance as opposed to the reactive one. This way, you will easily predict threats and develop mitigation strategies before they occur. Read through the article to understand the link between the big data and the compliance process.