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Data Protection Risk Assessment is a process by which an organization assesses the existing state of data security in its ecosystem and makes appropriate modifications to mitigate cyberattack threats and risks. The evaluation is essential for various reasons, including increasing consumer trust by listing out the steps to prevent data breaches and lowering operating expenses associated with data storage. However, it was not mandatory until General Data Protection Regulation (GDPR) came into effect.
A successful Data Protection Risk Assessment can be divided into three steps:
- Determine the threats to your essential systems and sensitive information.
- Identify and categorize your data according to the severity of the danger involved.
- Take steps to mitigate the risks.
Data protection assessments are a great way to preserve data privacy while also making informed choices about decreasing or eliminating risks.
Benefits of a Data Protection Risk Assessment
Organizations are vulnerable to various sophisticated data breaches because they collect, store, and use a massive amount of personal data to make better business decisions. From personal data being stolen and released to it being misused by criminals, the demand to comply with evolving legislation like the GDPR is rising.
Data protection evaluations are an excellent approach to secure data privacy while also making informed judgments about reducing or eliminating risks. It also helps protect the privacy and confidentiality of personal data while increasing client trust.
A robust first line of defense makes sure that most risks are managed before they become threats. It also ensures that the company is prepared to recover as quickly and safely as feasible in the event of an adverse incident. When employees don’t have to worry about the risks individually, they are fully engaged with their core tasks, and the organization’s overall productivity increases.
Data Protection Risk Assessment Challenges
Data Protection Risk Assessment Challenges are as follows:
- Budget Restriction: Organizations’ strict budgetary allocations may make it difficult to choose a superior approach that requires more resources and time over a sub-par process that requires fewer resources and time.
- Unstructured and Non-Formal Approach: The absence of a formal methodology and structured approach might lead to a risk assessment that is insufficient to protect the asset.
- Improving Risk Assessment and Modeling: This is a difficult task because the stages involved in Risk Assessment must be carefully modified according to their feasibility, and care must be taken to ensure that:
- The final steps identified are the required steps
- Critical steps have not been missed
- The steps are ordered in the correct sequence
- Developing Risk Metrics: An incorrectly prioritized threat or vulnerability will result in either over-controlling or under-controlling. Over-controlling will add to the system’s cost burden, while under-controlling will make it more vulnerable to attack.
- Data Management and Reporting: The capacity to evaluate data collected during an evaluation is influenced by the consistency and organization of that data. As a result, methods and templates must be used to control the volume and quality of assessment data.
Where Synoptek Can Support Your Strategy?
Synoptek assists your company with disaster preparedness by conducting thorough IT risk and data security assessments, allowing you to discover gaps, develop appropriate processes, and manage risks that could result in downtime.
Synoptek can help you protect your data and develop and implement business continuity plans to help you prepare for a disaster.
The Data Protection and Availability Assessment Services provided by Synoptek include the following:
- Perform a baseline evaluation: Synoptek assesses the present state of your enterprise data protection and availability strategy and creates practical suggestions and roadmaps wherever needed.
- Identify Vital Apps/Operations List: Synoptek collaborates with key stakeholders to identify and prioritize each of your organization’s critical applications, processes, and people.
- Establish Maximum Tolerable Outage Allowances: Synoptek can assist in determining the maximum time each system can be out of service after an occurrence.
- Execute a Business Impact Study: As part of Synoptek’s IT risk management services, senior consultants collaborate with business leaders to conduct a business impact analysis to document the financial impact of a service disruption on your organization’s mission.
- Conduct Strategic Leadership Workshops: Synoptek offers online and on-site training programs and workshops to guide stakeholders through the critical steps of building and managing an effective IT risk management and data security assessment plan.