Data Governance, Privacy, and Protection Services

According to the Data Governance Global Market Report 2023, the data governance market is expected to grow to $8.22 billion in 2027, from $3.87 billion in 2023. How is your company prioritizing the data in your care?

As your organization generates and accumulates vast amounts of data, you need to ensure it is being handled properly, protected, and in compliance with global regulations.

Data governance, privacy, and protection are three related concepts that share a common goal: safeguarding sensitive information and maximizing its value. In this article, we will explore the nuances of data governance, privacy, and protection, examining their characteristics and interdependencies and uncovering how your company can prioritize data governance to capitalize on this evolving market trend.

Data Governance vs. Data Privacy vs. Data Protection

Data governance, privacy, and protection are responsible for three distinct functions. Understanding what each is responsible for will help you build more-informed strategies. 

What is Data Governance?

Gartner states, “Data governance is the specification of decision rights and an accountability framework to ensure the appropriate behavior in the valuation, creation, consumption, and control of data and analytics.” Data governance is the structured approach to ensure that data is handled according to organizational objectives, industry standards, and regulatory requirements.

By embracing the principles and practices of data governance, you can establish a solid foundation for effective data management. This includes implementing data governance frameworks, appointing data stewards, and documenting data policies and standards. With a robust data governance strategy in place, you can enhance data quality, promote data-driven decision-making, and foster trust among stakeholders. 

What is Data Privacy?

Data privacy is a component of data protection that encompasses the appropriate handling, storage, accessibility, retention, and security of confidential information.

By embracing data privacy principles, you respect the sensitive information in your care, ensuring that your employees’ data is handled responsibly. You also ensure data is protected from unauthorized access or misuse. In an era where data breaches and privacy concerns are prevalent, you must establish robust policies and procedures to govern the collection, storage, and usage of personal data. Adhering to data privacy regulations, such as the General Data Protection Regulation (GDPR) or other applicable laws, becomes crucial for maintaining customer trust, mitigating legal risks, and avoiding reputational damage.

What is Data Protection?

Data protection is as straightforward as it sounds. It refers to safeguarding your data against loss, theft, unauthorized access, or compromise. Data protection encompasses a range of measures, strategies, and technologies to ensure the security, integrity, and availability of data throughout its lifecycle.

Frequently, data protection involves implementing a layered approach to security, combining various measures to mitigate risks and safeguard data from potential threats. These measures include implementing robust authentication and access controls, encryption, firewalls, intrusion detection systems, regular data backups, and disaster recovery plans. Additionally, data protection strategies involve raising employee awareness about security best practices and implementing protocols for incident response and data breach management.

To better understand data protection best practices for your organization, review the National Institute of Standards and Technology (NIST) Cybersecurity Framework below.

Understand Data Protection with the NIST Cybersecurity Framework

The NIST (National Institute of Standards and Technology) Cybersecurity Framework is a set of guidelines, best practices, and standards designed to help organizations protect their data from cyber threats. It provides a comprehensive approach to managing cybersecurity risks and is widely recognized as a valuable enterprise resource. Should you consider using it to frame your enterprises’ data protection strategies, there are five “functions” NIST recommends. 

  1. Identify
  2. Protect
  3. Detect
  4. Respond
  5. Recover

The framework’s methodology is detailed below. 

1. Identify

The main goal of this function is to identify potential attack surfaces. 

According to NIST, the cybersecurity functions within the Identify category include asset management, business environment, governance, risk assessment, risk management strategy, and supply chain risk management. Some questions to consider when establishing these cybersecurity functions would be as follows:  

2. Protect

The main goal of this function is to identify the level of protection needed for your assets. 

According to NIST, the cybersecurity functions within the Protect category include identity management and assessment control, awareness and training, data security, information protection processes and procedures, maintenance, and protective technology. Some questions to consider when establishing these cybersecurity functions would be as follows:

3. Detect

The main goal of this function is to detect problems or attacks.

According to NIST, the cybersecurity functions within the Detect category include anomalies and events, continuous security monitoring, and detection processes. Some questions to consider when forming policies of your own would be as follows: 

4. Respond

The main goal of this function is to determine what actions need to be taken following a cybersecurity incident. 

According to NIST, the cybersecurity functions within the Respond category include response planning, communications, analysis, mitigation, and improvements. Some questions to consider when forming policies of your own would be: 

5. Recover

The main goal of this function is to determine how your business processes will recover after a cybersecurity incident. 

According to NIST, the cybersecurity functions within the Recover category include recovery planning, improvements, and communications. Some questions to consider when forming policies of your own would be: 

By addressing these questions within each function, organizations can establish effective policies and procedures to protect their data better. 

Achieve Data Privacy with the NIST Privacy Framework

Managing the risks associated with data privacy is a challenge for many cyber leaders. The NIST Privacy Framework provides a structured approach to achieving data privacy that prioritizes building customer trust, fulfilling regulatory compliance guidelines, and effectively communicating both.

By following the NIST Privacy Framework, organizations can establish a systematic and risk-based approach to protect individuals' privacy rights and achieve data privacy. This approach aligns with their business objectives and legal obligations, ensuring the confidentiality, integrity, and availability of personal data.

GenuineXs Data Governance, Privacy, and Protection Services

Understanding the basics of data governance, data privacy, and data protection is essential for enterprises.  If you’re looking for guidance, GenuineXs offers Governance, Privacy, and Protection Services. 

Our team of experts can help you protect your data and ensure compliance with relevant regulations. You can finally rest easy knowing your data is secure and your business is compliant.

Contact one of our cybersecurity experts to discuss data governance, privacy, and protection for your organization.

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