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As the amount of data is growing, risk management challenges are also increasing in the market, so the organizations should introduce new ways to deal with such situations. Nowadays, compliance and risk challenges are increasing in the critical areas for banks and credit unions. The amount of data is growing every day, so organizations have to face challenges in ensuring proper storage, security, and compliancy.
Here are some of the top risks and compliance challenges that organizations face:
Data Breach Concerns
Earlier data breaches were small attacks, but now it is becoming expensive data breaches that are putting organizations out of business. These cybersecurity threats towards businesses are resulting in compliance regulations like GDPR and the California Consumer Privacy Act that protects the PII (personally identifiable information) of residents in that region. Some of the companies are putting too much data in harm’s way by lacking a multi-layer, compliance-ready defense approach.
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Long-term Retention and Defensible Deletion
Most of the firms don’t have a clear idea of how long to keep data, so some of them hoard unstructured data for decades, others wipe it too early. Most of the firms don’t know how long to save data, so some of them gather unstructured data for years, others clear it too soon. Some compliance regulations follow state laws for data retention policies. According to a survey, more than 60 percent of data has zero value to the venture. These types of data take up valuable space and become a liability for the organization.
Data at the Edge
The volume of data is rapidly increasing day by day. Such a situation creates a complexity challenge for firms as they try to discover information needed to address litigation and compliance audit requests. When the data is stored on devices like desktops, laptops, and mobile devices, companies struggle to merge and keep safe. If the data volume increases and storage also becomes complex, then it becomes a challenge for compliance. Solutions to solve compliance complexities should offer visibility to identify and store data with required separation that meets secure and access control requirements. According to a study, effective compliance programs are:
• Tech-enabled infrastructure.
• Technology-enhanced compliance monitoring.
• Streamlining policy management.
• Information-based and technology-driven training.