As you toss and turn in bed, you picture yourself on a strange playing field with other athletes swirling around you. You have absolutely no idea what sport you are playing, nor a clue what the rules are. It all feels beyond embarrassing, and downright dangerous.
This is not just a bad dream – it’s the reality for companies possessing third-party data without clarity on what rules and responsibilities apply.
Most companies possess some data that they do not truly and solely own. Perhaps your company signs a nondisclosure agreement and obtains others’ information while evaluating a business opportunity. Or maybe your company is a service provider that receives or generates data on behalf of customers or clients. Your company has possession of the data, but it remains responsible to the third-parties if there’s a problem.
What kinds of problems? Well, what if the third party’s data is lost, corrupted, misappropriated, hacked, or held for ransom? What if the cost of maintaining the information, after the work concludes or need passes, becomes onerous? What if the information becomes relevant in future litigation? Who is authorized to make decisions about the information when the unexpected happens, and who is responsible for the expenses and exposures?
Information Governance – your organization’s strategic approach to managing information compliance, cost, and risk while maximizing information value – is tailor-made for this commonplace scenario. Here’s how it works:
Continue Reading Why govern our information? Reason #3: “Your” data may actually belong to others … and you’re responsible to take care of it.