Data Governance refers to the principal strategy that an organisation employs to cover the availability, integrity and security of their business data. It is one of the biggest challenges that companies face and failing to get it right can not only result in financial implications, but reputational damage too. In this blog, we will cover the biggest challenges in Data Governance for 2018 and what businesses might do to overcome them.
With the implementation of MiFID II in January and the impending introduction of the GDPR in May, 2018 is the year of focussing on your business’ data security and addressing any issues you might have. To give you an idea of the most important data issues to fix and which you should prioritise, we have compiled a list of the 5 data security issues to address in 2018.
2017 was a year of celebration at EOL as we entered our 21st year of trading – and what a year 2017 proved to be – with many key achievements.
Established in 1996, EOL are immensely proud to be one of the longest standing and most respected ITAD’s in the industry and remain, the most accredited independent.
Throughout 2017 we continued with our commitment to data security, enhancing our compliance by achieving UKAS 27001 – a great achievement by the EOL team.
We processed a total of 317,783 devices for our Clients and eliminated a total of 15,333,304 GB of data securely.
On 25th May, 2018, the GDPR will come into effect in the EU, instigating widespread change in the way businesses handle and process data. The GDPR is designed to protect the privacy of EU citizens, and will require that any business that operates within the EU, or processes the data of EU citizens, has adequate data protection and data breach measures in place. Those businesses who fail to comply with the new regulations are liable to incur fines of up to €20 million, or four percent of annual turnover, whichever is greater.
MiFID II, or the second Marketing in Financial Instruments Directive, came into place 3rd January 2018 and affects any business that performs investment services and activities. The regulation seeks to: increase the transparency of markets; move towards more structured marketplaces; reduce costs of market data; improve best execution; and be more explicit with costs of trading and investing.
Compliance with the new regulation is essential, however, as with any new regulation, official guidelines can be complex and confusing. A MiFID II checklist is a great way of identifying the most important elements of the regulation to focus on. In our latest article, we’ve put together our own checklist to get you started.
Data is one of the most valuable assets available to your business and how effectively you manage the quality, stewardship and accountability of that asset will determine, to a large extent, the overall success of your business.
The successful governance of your data requires participation and accountability across the organisation, from data stewards through to top level executives. To ensure effective implementation, there are five key data governance principles you need to be aware of.
The GDPR is set to replace the Data Protection Act on 25th May 2018. The new regulation seeks to ensure that all companies within the EU (and who trade within the EU) follow the same set of rules when it comes to protecting their clients’ personal data. It is highly important that all companies take measures to prepare for the introduction of the new regulation well in advance of the implementation, as such, we’ve put together 5 of the most important GDPR requirements that you should be aware of:
1. Explicit Consent
The countdown to GDPR continues in the business world, with applicable businesses having to ensure compliance no later than May 25, 2018. The GDPR, as if we needed reminding, is not something businesses can afford to take lightly. There is no ‘easing in’ period, and organisations must be fully compliant from day one.
The penalties for failing to fully comply with the GDPR are extensive, and well publicised, with businesses who are found to have transgressed the regulations facing fines of up to 2-4% of their annual turnover.
Data, whether it concerns your clients, your employees or your company, is one of your company’s most valuable assets and ensuring that data is secure is of paramount importance. In our latest article on data security, we take a look at five ways in which your company can improve data security throughout the business.
1.Perform a Security Gap Analysis
In 2017 the need for companies to manage their data securely and effectively, is more important than ever. New data protection regulations in the form of the GDPR carry harsh penalties for companies who are careless with their data, with fines ranging from 4% of turnover to 20 million euros (whichever is greater). In addition to this companies who fail to harness and learn from the data at their disposal, are also leaving valuable business insights untapped and potential revenue streams unexplored.
In our latest article we take a closer look at the nature of data governance and its potential importance to your business.