Making data management a business priority
Even before COVID-19 put businesses under extreme pressure to evolve and embrace digital technology, technological innovation was already more of a necessity than a choice.
With nearly every type of business embracing digital channels and platforms, companies are collecting more data than ever before. The question is, do they have the experience or technological capabilities to manage it in the right way?
How to manage data responsibly
Data is everywhere, and data management has one of the highest adoption rates amongst new technologies. 61% of the businesses surveyed by Chubb and Accenture are already collecting and using big data; 70% are using some form of cloud service for storage; and over 21% are introducing artificial intelligence (AI) to process and interpret their data.
At its core, business data management is all about minimising the chances of the wrong information getting into the wrong hands, or being used in the wrong way. Businesses have a responsibility to make sure this happens. If they don’t, they can find themselves facing the consequences of violating the data privacy laws that protect their customers.
Data breaches happen in all sorts of different ways, including employee error, poor data management processes, and equipment failure. The best way to avoid these exposures is by taking the adoption of new technologies seriously, rather than seeing them as a ‘quick fix’ to keep up with the competition.
As a first step in any business’ transition to data-centric operations, an investment in the processes and platforms that provide a critical first line of defense is essential. On the technology side, this should include an appropriate regulation-compliant customer relationship management (CRM) system, as well as a backup system in the event of data loss. When paired with customer data training for employees, these foundations can reduce the chances of a data breach and make it easier to bounce back if one does occur.
With these safeguards in place, and a thorough understanding of the regulations around data use, the chances of data mismanagement can be significantly reduced.
Preparing for the worst
In recent months, the threats to data management have increased and a business that is going digital may be more vulnerable than ever. With more employees working from home, it’s harder to maintain strong cybersecurity practices and guarantee secure access to sensitive information. As a result, PwC reports that “cyber attacks have increased along with the rapid worldwide spread of the COVID-19 pandemic,” making it more important than ever to stay vigilant1.
Even with the best intentions and comprehensive protective measures in place, accidents and cyber attacks do happen. In these scenarios, comprehensive insurance coverage can be the lifeline that helps a business absorb the negative effects and bounce back into action.
By pairing the necessary protective measures with responsible data use best practices, businesses can make sure that they’re ready to evolve, without unnecessary risk.
1PwC: How to protect your companies from rising cyber attacks and fraud amid the COVID-19 outbreak. Retrieved from How to protect your companies from rising cyber attacks and fraud amid the COVID-19 outbreak
No part of this article may be reproduced in any written, electronic, recording, or printed form without written permission of Chubb.
Disclaimer - The content of the above article is not intended to constitute professional advice. Although all content is believed to be accurate, Chubb Insurance Singapore Limited (Chubb) makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content of this article. Users relying on any content do so at their own risk.
Have a question or need more information?
Leave your contact details and our representatives will get in touch with you.