Why data governance is not an option
With the global increase in data breaches, like the biggest data fiasco of Facebook and the massive cyber attack on SingHealth’s database, the simple question of “Where is my data?” now requires answers that derive from the complex universe of data governance.
In Singapore in particular, the most serious breach of personal data, where 1.5 million SingHealth patients’ records were compromised, prompted the government to beef up its cyber defences whilst it continues with digital transformation as part of the Smart Nation initiative. Prime Minister Lee Hsien Loong was quoted saying, “(The SingHealth cyberattack) was a harsh reminder that cyberspace is not a benign environment, and we have to do much better in keeping our IT systems and data safe and secure.”
It must be noted that the risk to companies from a breach of their data and privacy violations is not confined to financial losses. Perhaps even more significant is the potential loss of trust. Facebook, for example, has not taken a major hit on its revenues since revealing the scale of its hack, but because data privacy made the headlines in Europe for a month or two, intensified by the Cambridge Analytica scandal, Facebook lost members in Europe for the first time in history. At the same time, many of the European members opted out of personalization of ads, which is the core Facebook model.
Data safety and security is a new business imperative that organisations must ensure, and this now calls for effective data governance that increases at scale.
A well-crafted data governance strategy is fundamental for any data-driven organisation to ensure that roles related to data are clearly defined and compliant with relevant government requirements, such the EU General Data Protection Regulation (GDPR), the US HIPAA (Health Insurance Portability and Accountability Act), and the Singapore Personal Data Protection Act 2012 (PDPA).
An effective data governance strategy builds a framework that provides data accuracy, completeness and consistency. It also ensures the creation of data maps which pave the way for an advanced ability to understand the location of all data related to key entities, necessary for data integration. More importantly, an effective and properly implemented data governance strategy will provide entities the necessary boost of trust, integrity and confidence, which are undoubtedly definitive and basic requirements for the success of any business.
In order to find the right data governance approach, organisations can opt for the open source, scalable data centric platforms that can be integrated quickly and economically with the existing environment.
