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Why Effective Data Governance Is Crucial in 2024

17/06/2024 minute read OneAdvanced PR

Data is one of the most important resources in the modern world, underpinning key decisions and operations across industries. Recognising its value, companies invest billions to safeguard their data. Yet, with over 8 billion data breaches in 2023 it’s clear that many organisations need more effective data protection. With regulatory bodies intensifying scrutiny on data mismanagement, robust data governance has never been more crucial.

This blog will delve into data governance and show the importance of a good data strategy. We’ll also look at how Microsoft Purview can be used to enhance your data governance framework.

The Cost of Poor Data Management

As mentioned above, there is no doubt as to the importance of data for organisational success, influencing everything from strategic decisions to daily operations, while mishandled or leaked data can severely damage your reputation. Here are some key reasons why data management is so important:

Customer trust: Beyond security, maintaining robust data governance is essential for building customer trust. Currently, 60% of consumers believe that companies frequently misuse their data, leading to widespread distrust.

Financial implications: Poor data management can have severe financial repercussions - in 2023, the average cost of a data breach soared to an all-time high of USD 4.45 million.

Regulation: With regulatory bodies tightening their data compliance requirements, non-compliance can be equally costly. Even if your company avoids a data breach, failure to adhere to compliance standards during an audit can result in significant fines and litigation. For example, many companies have already been fined for breaching GDPR since its implementation in 2018, and the regulatory body in charge of GDPR - the ICO, aren’t afraid to go after companies who breach it. In 2023, they fined Meta (formerly Facebook) EUR 1.2 billion for non-compliance with GDPR data transfer regulations.

Given these risks, maintaining compliance with data regulations is essential to avoid hefty fines and potential legal consequences. Compliance should be an ongoing effort; continuous vigilance is necessary to ensure your organisation remains compliant over the long term.

Microsoft Purview: Elevating Data Governance

Microsoft Purview is a great tool for businesses to better govern their data landscape. Purview is a family of data governance, risk, and compliance solutions that can help your organisation govern, protect, and manage your entire data estate. Here are some of the key ways it can help:

Unified Data Management
Microsoft Purview offers a unified platform that integrates data governance across various data sources within an organisation. Whether your data resides on-premises, in cloud services, or across multiple data lakes and warehouses, Purview provides seamless management capabilities. This unification ensures that data governance policies are consistently applied across all data assets, reducing the risk of data silos and non-compliance.

Enhanced Data Discovery and Classification
One of the critical aspects of effective data governance is knowing what data you have and understanding its sensitivity and importance. Microsoft Purview excels in this area with its powerful data discovery and classification features. It automatically scans and classifies data based on predefined policies and rules, helping organisations quickly identify sensitive information and apply appropriate governance measures.

Data Lineage and Trust
To build trust in your data, it's essential to understand its lifecycle, from creation to consumption. Microsoft Purview's data lineage capabilities provide detailed insights into how data flows through your systems, who accesses it, and how it transforms over time. This transparency is crucial for auditing purposes, compliance reporting, and ensuring data integrity.

Policy Management and Enforcement
With regulatory requirements constantly evolving, staying compliant can be a daunting task. Microsoft Purview simplifies this with robust policy management and enforcement tools. Organisations can define, implement, and monitor data governance policies that align with industry standards and regulations. Automated policy enforcement ensures that compliance requirements are met continuously without manual intervention.

Integrated Compliance Frameworks
Microsoft Purview is fully integrated with various compliance frameworks, providing essential tools and templates to help organisations meet stringent regulations such as GDPR.

Data Lifecycle Management
Microsoft Purview provides comprehensive tools to handle data lifecycle management. This ensures that data is retained for the appropriate duration and securely deleted when no longer needed, aligning with both organisational policies and legal requirements.

Improved Data Sharing and Collaboration
Effective data governance also involves promoting responsible data sharing and collaboration. Purview provides clear visibility into who is accessing and using data, helping to prevent unauthorised access and misuse.

Analytics and Reporting
To make informed decisions about your data governance practices, you need actionable insights. Microsoft Purview offers comprehensive analytics and reporting capabilities that allow organisations to track key metrics, identify potential risks, and measure the effectiveness of their data governance efforts. These insights can drive continuous improvement and ensure your data governance framework adapts to changing needs.

Next Steps

OneAdvanced's relationship with Microsoft goes back over 30 years, over which our Modern Workplace experts have helped numerous organisations digitally transform and embrace a better way of working. If you need help with data governance but don’t know where to start, reach out to us today.