On May 7, 2019, The City of Baltimore's government servers were attacked by ransomware, locking down computers, blocking government email accounts, disabling online payments to city departments and demanding $100,000 worth of Bitcoin. Weeks later, some services still remain down. Cyberattacks have significant, sometimes devastating consequences. In addition to paying ransom, there are considerable costs (including reputational harm) to investigate what data was accessed, evaluating whether there was any access to personal information, whether the authorities (or individuals) should be notified, usually requiring weeks or months of cleanup.
With all of the information at our fingertips in the digital age, our decisions should be data-driven. Decisions about our future, our finances, our family. Decisions about our business, our investments, our beliefs. What if someone knew how to access and utilize your information better than you? What if they took your information hostage? What would you do to get it back? Short answer: Anything and everything.
As we know from the news, information in the wrong hands can be used by hackers for financial gain or even to sway an election. So how do you as an individual or an owner or employee of a business protect your data?
By engaging with experts early and establishing a successful information governance strategy, you can take control of your data and reduce risk. Failing to follow best practices for good information governance puts you at risk for security and privacy breaches. Examples of these risks are cybercrime and fraud risks associated with poor information governance and detection mechanisms. A comprehensive information governance program can deliberately and effectively manage your information. The best protection we can, and should have to protect against these threats, is to establish sound information governance practices.
It is important for organizations to develop information governance strategies as new digital transformations re-shape our lives by automating activities, and by creating new possibilities to rethink and optimize what we do. IG strategies allow us to know where our data is stored, who should access it, and how long we need to retain it. The better equipped we are to manage the lifecycle of our data, the more prepared we will be when navigating a world that is changing rapidly.
MT>3 can assist in the development of your IG strategy.