Governance of key cybersecurity data: PBT Group – Insurtech – Insurance news

Data governance, key to cybersecurity: PBT Group

November 21, 2022

As the spotlight shifts to cybersecurity in light of the recent high-profile Optus and Medibank data breaches, industry experts say it’s also essential to move data protection “beyond the Wild West.” “.

PBT Group Managing Director and data analytics specialist Will Erskine and Principal Consultant Andy Roberts say a focus on data governance and management should be key to improving cybersecurity.

“Data governance defines the policies and procedures that are applied to data to ensure it is accurate, available and secure,” the couple said.

“Data management encompasses the processes and technology that implement policies and procedures to deliver data for use with real business benefits.”

Experts say data is “an organization’s most valuable asset” and therefore needs adequate safeguards to manage its use.

“Organizations must balance keeping data completely locked down and providing access for appropriate reasons,” they said.

“Data security cannot be considered in isolation, it must be weighed against data availability. Good data governance is key to achieving this balance.

The organization recommends that companies establish regularly reviewed and improved data governance strategies to understand gaps and strengthen their data landscape.

It says data controls “should be established and communicated to users and data owners” to ensure they are appropriate across the organization.

Mr. Erskine and Mr. Roberts warn that without effective protocols and protections, data governance frameworks are “still in the modern Wild West era equivalent of banking with an underground vault.”