Extract from Exterro’s article “Are You Prepared for Potential Data Risks?”
Data risk management is no longer a nice-to-have but a necessity for modern businesses. With increasing regulatory pressures, evolving cyber threats, and the sheer volume of data generated daily, companies need a robust strategy to mitigate risks and protect their assets. This blog post will guide you through the importance of a comprehensive data risk management strategy, its benefits, and practical steps to implement one in your organization.
Understanding Data Risk Events
Organizations face numerous data risks that can significantly impact their operations and reputation. Understanding these risks is crucial for developing an effective data risk management strategy.
Regulatory Fines
Non-compliance with regulations such as GDPR, CCPA, or HIPAA can result in substantial financial penalties. For instance, violations of GDPR can lead to fines of up to €20 million or 4% of the company’s annual global turnover, whichever is higher. These fines not only strain financial resources but also damage the credibility of the organization.
