TALKING

More recently , Australian consumer finance company Latitude Group reported a data breach impacting 14 million customers across Australia and New Zealand .

The reality today for Chief Information Security Officers ( CISOs ) throughout Australia is not about ‘ if ’ but ‘ when ’ their organization will experience a data breach – and planning accordingly . don ’ t need . This not only wastes resources but prevents the enterprise from scaling up its data efforts to harness advanced , real-time analytics , leaving them uncertain if they can ‘ trust ’ the data enough to make informed decisions .

Good data governance practices improve regulatory compliance by enabling businesses to distil more granular insights in real-time when needed – a critical part of business in highly regulated industries such as healthcare , financial services and the public sector . Tapping into data insights , AI and Machine Learning ( ML ) lets organizations better identify compliance risks , reduce errors during reporting and automate repetitive tasks – freeing up employees to focus on executing higher-value activities .

Keir Garrett , Regional Vice President , Cloudera ANZ

For many this means reviewing existing data security settings and determining what else needs to be done by way of additional technology investments to reduce the potential impact and business disruption .

However , technology investments come at a cost and IT decision makers are also increasingly concerned about inflation amid the current period of economic uncertainty . IDC ’ s poll of CIOs in December 2022 revealed that 49 % are expected to reduce the ‘ run ’ part of the IT budget to fund new ‘ build ’ initiatives / projects in 2023 . It is clear that doing more with less has become the new mantra and companies are doubling down on improving efficiency and optimization by leveraging data to make better business decisions , inform quicker learning and innovate creatively .

Improving data governance for regulatory compliance

An organization ’ s insights are only as good as the data it uses . When data is inaccurate , corrupted or has become obsolete , organizations spend more time verifying , cleaning and processing data they

Technology investments come at a cost and IT decision makers are also increasingly concerned about inflation amid the current period of economic uncertainty .

Narrowing the ‘ blast radius ’ of data monetization

As organizations today look at monetizing their data to open up new revenue streams and explore collaborations within or across industries , the primary concern is the privacy and legal aspects of exposing data to outside entities . One way to narrow the ‘ blast radius ’ is to draw a distinction between the data and the insights it delivers , which leads to a safer governance approach where actionable insights are shared while the critical data remains within the organization .

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