Avoid SharePoint Compliance Risk by implementing a Robust Information Governance Plan
Security of data stored in Cloud is a big concern for most SharePoint hosting service providers. While clients are not willing to make any compromise whatsoever on the security front, the pressure mounts equally on the service providers to maintain their security standards in full compliance with the industry norms.
Data Breaches Becoming a Nightmare for SharePoint Hosting Service Provider
Data is hacked and even stolen every day that causes SharePoint compliance risk a nightmare for such service providers. When talking about the losses the clients face due to such data breaches, the figures may be quite surprising for many. Recently, a study was conducted on the impact of data breaches on current genre of businesses relying on Cloud.
As per the study, it has been estimated that Cloud related data breaches on an average cost companies $174 per record. But that’s not all as there is more to come for such organizations. Atop the initial financial impact, such organizations are even held liable and often subjected to appropriate legal and regulatory penalties.
Inherent SharePoint Compliance Risk Related to Data Storage
With more and more companies switching to Cloud and loads of information being moved to the cloud, organizations need to be increasingly vigilant. It is due to the reason because their data is not always under their absolute control.
Nowadays data storage has become much more affordable. That’s the main reason why several businesses are keen to keep redundant, obsolete and trivial (or simply ROT) data. Such strategy may seem to be quite promising for businesses; however there are few negative twists related to its implementation.
Unfortunately, this strategy entails a significant inherent SharePoint compliance risk; same is evident from the chart shown below.
From this chart, you can easily interpret that longer is the duration of holding the ROT data, more is the SharePoint compliance risk of efficiently managing it. There may have been some major advancement in security but despite such advancements, hackers are competent to create all-new, more effective and sophisticated ways to swiftly breach a company’s data.
Implementing a robust information governance plan makes an organization competent enough to prevent SharePoint compliance risk whenever there is any case of hack or a minor/major accidental data leak.
Ways of Avoiding SharePoint Compliance Risk
Let’s now consider the key ways that can help to mitigate the heavy damage caused by a potential data breach. Note that these ways can be also considered the components of an ideal information governance program.
- Establish ownership of data privacy and compliance clearly
- Deploy suitable encryption techniques whenever possible
- Ensure having the ability to effectively have audit trails, logging and suitable monitoring to allow defensible disposition
- Suitably assess the process to detect any information that has been shared outside the organization
- Ensure appropriate policies are well in place in order to meet regulations at the federal, local, state and industry level
- Ensure clean up of ROT data as per a pre-approved retention schedule
Compliance risk through a data breach can definitely be an alarming situation for any organization if proper programs and related procedures are not in place. So, it must be ensured that above mentioned points are followed to the core.
- Julia is Techarex Network’s Content Marketing Associate for Intuit products. She has worked as a B2B and Marketing Strategist for the last seven years, helping businesses with software implementation for Customer Service, CRM, and Email Marketing. Julia thrives in helping companies find the right software solution for their projects. Aside from his obvious passion for Marketing, Julia admits to being a foodie and travel enthusiast.
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