Big Data experts: How to manage the threats and risks

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Although organisations gradually recognise the importance of having good customer insights, majority are still hesitant about venturing into data mining and investing large amount of resources to store, manage and analyse data collected about their customers. The main reason is because organisations do not have the right understanding about Big Data; organisations fear the security of their data assets being leaked, and they are unsure of the ROI on their data strategy.

At Big Data World Asia 2012, we heard from two big data experts on how to manage the threats and risks posed to the data owned by organisations. The first presentation by Pinsent Masons Mpillay’s Counsel, Rosemary Lee, discussed how organisations can balance Big Data and data protection so as to mitigate the risks that organisations might face. In particular, her presentation zoomed into the discussion on personal data breach. Organisations must be cautious of following the data regulatory guidelines/standards in their country/region or risk being penalised for data breach. That said, it really isn't that difficult to manage the potential risks. Here are some data compliance guidelines that Rosemary shared with attendees at the conference:

  • Institute data handling policies
  • Ensure employees are informed of policies and risks
  • Review security systems, both internal and outsourced systems
  • Monitor further legislative and regulatory developments

Download Rosemary’s full presentations slides.

Maria Corazon Guzman from Bank of Philippine Islands shared with a risk management process to mitigate risks to Big Data security. Here’s a four-pronged approach that organisations can consider:

  1. Identify and measure the risks
  2. Analyse and Evaluate the risks
  3. Explore ways to mitigate the risks
  4. Monitor/Control by the orgasnisation’s management

Download Maria’s full presentation here.

Big Data World Asia is returning in September for the 2nd annual event. Visit our website www.terrapinn.com/bigdataasia for more information.

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