Many organizations obtain large amounts of data, which contributes to management challenges. Although your company can exploit the big data to gain a competitive advantage in your industry, because of its increased regulation, its analytics becomes a challenge. This is particularly important when compliance with various data protection regulations is needed. The rise in data insecurity has also led to increased regulations on big data to ensure its security. If a company manages big data, a system should be built to ensure that you interpret it correctly and seal all the gaps that could lead to breaches.
The data stored in your organization may include data that you have received from your customer or from public sources that you collected. To meet the requirements of various regulatory bodies, you will be expected to provide a detailed report stating the type of data you collect, how you use it, how you share it with suppliers—the security measures in place to avoid data breaches.
Big Data and Compliance
Big data affects the compliance process directly because you will be expected to account for its flow inside your organization. The regulatory bodies are keen to examine every stage of data handling, including the collection, processing, and storage of data. The primary reason for the comprehensive evaluation is to make sure that the data is safe from cyberattacks.
In order to get compliance status, you will build security measures to secure the data. During the analysis, you are expected to show how each of the techniques for risk mitigation works and their level of effectiveness. This thorough report on the data protection programs will make the organization’s certification easier.
Unlike organizations dealing with small data, using sophisticated analytics tools will be needed. You must also employ qualified professionals to analyze the data, identify security threats, and suggest strategies for mitigating them. During the enforcement process, managing big data would take more resources compared to handling small data.
However, organizations will take advantage of managing big data, which helps to get direct predictive information about the probability of an attack. In auditing, the auditors are likely to adopt more rigorous steps when using this type of data than when using small data. As such, the use of big data analytics is one of the surest ways of building some of the organization’s most robust security systems.
How Big Data is used in the Process of Compliance
Big data assists the creation of a compressive risk assessment framework by:
Fraudulent Crime Prevention: The use of big data strengthens the approach to predictive analysis, which is an effective way of detecting criminal activities such as money laundering. If a compliance officer uses big data for internal audits, cyber risks are discovered, and they intervene to avoid their occurrence. It speeds up the process of compliance and builds trust among your clients.
Managing Third Parties Threat: If you are in the process of obtaining compliance certifications, you must maintain the risk associated with sharing the data with vendors appropriately. Big data analytics can help you manage vendor-related risks. This you will accomplish by carefully evaluating their ability to protect your data before sharing with them.
Helps in Customer Service: You are required to prove that your customers are pleased with how you treat their data before you get any compliance certification. If you apply big data analytics, you will understand your customer’s behavior, which will directly influence the decision-making process, thereby enabling the compliance process.