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Risk management policy10/29/2022 This leftover data is particularly dangerous because your organization might not realize it exists, and can easily be exposed without your knowledge. Data remanence: Data that remains in your organization, even after attempts to scrub it, is called data remanence.And, inaccurate or corrupt data is dangerous for your brand reputation and overall productivity. Data corruption: Between human error, data breaches, and database malfunctions, data corruption can occur at your organization.Mitigate costs and risk by implementing data backup and fail-safe storage. Storage device failure: Anything from a mechanical issue to a malware attack can cause data loss if your storage device fails.Specifically, proprietary lock-in, also known as vendor lock-in, can put your data at risk when vendors limit or make it exorbitantly expensive to perform data transfer, application transfer, infrastructure transfer, human resource knowledge, upon switching vendors. Proprietary lock-in: SaaS vendors can essentially hold your data hostage if you decide to switch vendors.Gaps in a data risk management plan leave vulnerabilities in the following areas: According to the 2018 Cost of a Data Breach Study by Ponemon, the global average cost of a data breach is $3.86 million, the average cost for each lost or stolen record containing sensitive and confidential information is $148 per record, and the costs for breaches have risen year-over-year.Īs costs associated data risk continue to rise, protecting and maintaining data is essential for organizations. Data center downtime and lost business continuityĭata risk that isn't known, managed, and mitigated often end up as data breaches, which are particularly costly. Risk management policy manual#Increased manual labor for the time taken to contain an incident.Costs associated with leaked assets, including regulatory fines and costs for legal consultation.
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