Measuring Success: Data Discovery Metrics with Captain Compliance
Data discovery metrics are the efficiency, speed, and discovery time with which your business sifts through internal databases. Before measuring the overall process, you should define which areas are the most vital and set a baseline for each.
The goal of data discovery is to provide quality insight into your data to derive better-informed and higher-strategic depth decisions. Sifting and discovering dark sectors of your data also helps mitigate risk, as you can better handle and protect sensitive consumer data.
We at Captain Compliance are specialists in data governance and compliance, helping your business meet relevant regulatory requirements and organize your data for productivity. This article will explore the nuances of data discovery and help your business implement effective data measurement metrics to analyze various data accurately.
- Data discovery metrics are crucial in making informed decisions and reducing risk exposure by not only ensuring data quality but also gauging the efficiency of your business systems.
- Preparing for the upcoming global increase in total data volume and staying legally compliant involves proactive data governance measures and continuous monitoring of any regulatory changes with new technologies.
- To reduce data breaches related to data discovery, metrics such as incident response rate, preparedness of employees, and access control accuracy are crucial components.
Unveiling the Importance of Data Discovery Metrics
In today's dynamic data landscape, ensuring adequate data measurement is paramount to optimizing operations and averting the potential risk of data breaches or mishandling.
With the average cost of a data breach or mishandling estimated at USD 4.45 million, neglecting proper data management becomes unsustainable. One key metric that can prevent a data breach is related to the incident response rate, which is built around proper employee training and monitoring software.
Defining Data Discovery Metrics
Data discovery metrics can be categorized into two primary types, namely throughput - the deployment speed or frequency and quality - the accuracy, completeness, and readability of data.
The current market growth of data discovery is primarily due to technological advancements that increase the global total data volume, necessitating more efficient analytics and threat prevention.
Depending on your business type, you might value certain elements more than others.
For example, when dealing with highly sensitive PII data, data consistency, security, and compliance take top priority.
If establishing faster protocols is of importance, such as parsing through multiple data sets, then prioritizing data profiling to detect patterns and anomalies is essential.
A cloud computing company, or one that deals with predicting consumer behavior, would be more interested in data usage metrics and access points.
When the data discovery metrics are correctly calibrated, your business can prioritize mitigating data-related risk and do so in a cost-effective way by eliminating redundancies.
Their Significance in Compliance Monitoring
Data discovery metrics, when properly dialed in, aid in the real-time process of data monitoring, which in turn helps ensure adherence to regulatory standards. Two of the core pillars of regulations such as the GDPR are data minimization and data accuracy.
When your business processes more and more digital data daily, this information is then stored and goes around internally, sometimes passing to third-party vendors or to-and-fro the cloud networks.
Some benefits of data discovery in compliance monitoring include:
- Simplified audits: As your data records are more precise and better organized, they streamline the auditing process.
- Identify vulnerabilities: Metrics can be created to measure response time, spot data weaknesses and threat points, and then craft a better data handling protocol.
- Direct regulatory metrics: You can measure how your data processes adhere to the principles of regulatory laws and regulations like the CPRA.
When you categorize, sort, and fundamentally reduce redundant data inside your business operation, you ensure a smaller volume of information is exposed to risk. Data discovery aims to help you identify which data is essential and which should be relegated.
The Complex Data Ecosystem
The world of data is intimidating due to its sheer volume and diverse data sources. Data like consumer emails and feedback is unstructured, while businesses handle all types of structured data.
Data variety can also be semi-structured, making parsing through and extracting insights from your information daunting.
Sources and Data Generation Points
Data can be derived from multiple sources, from surveys to the Internet of Things sensors, social media, user-to-user interaction, and more. It's important to highlight that data origination points are vast and complex and constantly created from numerous dataset touchpoints.
Data Lifecycle Phases
Data, once it originates at the abovementioned generation points, has an entire lifecycle where it goes through multiple processes. After creation, data moves through your internal storage, is processed, analyzed, and eventually disposed of.
Each of these phases poses challenges related to data quality, security, and compliance:
- Once data is stored, do you have systems in place to facilitate how your business will handle data subject right access requests or DSAR?
- How do you facilitate proper data access in terms of which departments or employees handle sensitive consumer data?
- How long are you legally required to store certain data, respective of your business type, whether in finance, SAAS, health, or B2B?
- Do you have software measures in place to detect foreign or anomalous access requests as data passes through your business?
- Do you minimize what data you gather from consumers to be only what is utmost necessary, or do you take a few information points here and there just because?
These are all crucial elements to consider in terms of how you handle data through its entirety of the life cycle.
Metrics for Data Discovery
Data profiling is a critical step in data discovery, involving data analysis to uncover hidden patterns, anomalies, and quality issues. We already touched on some of the metrics your business can use for data discovery, so let's explore further.
Here are some of the critical data discovery performance metrics :
- Accuracy of identifying data anomalies, the completeness of data profiles, or the time and resources saved through effective data profiling.
- Completeness of data refers to the overall integrity of data being accessed - if any parts are incomplete or missing, this can cause further production delays.
- Data validity refers to the conformity of stored data regarding standards and entering information in the correct format.
- Data age is the notion that more recent information should be more accurate, especially when dealing with consumers' sensitive personal information (SPI).
There are also other metrics you can utilize, and the exact standards you require can vary by mixing parts of the data metrics process.
Assessing Data Classification Accuracy
Data classification is a key aspect of data governance and security. Data classification accuracy refers to the total percentage of correctly classified internal information along with the rate of data incidents.
Accurate data classification is crucial for protecting sensitive consumer and business information, streamlining data management, and ensuring compliance with data-related laws and regulations.
- Having a data loss prevention (DLP) solution can significantly help your business monitor data flow in real-time to enforce proper classification and prevent any data leaks.
- When classifying data, tools such as machine learning or advanced AI engines can be evaluated based on the accuracy prediction rate from a set sample size.
- Automated data classification tools generally work best when information is clearly defined in a format, and the software can quickly parse through the data sets.
In some instances, when you are dealing with unstructured data, more advanced natural language processing (NLP) algorithms can be used to gauge overall consumer satisfaction from emails or text documents.
This is done based on the semantics used to get a general idea of whether the experience was negative or positive.
Captain Compliance's Approach to Data Discovery Metrics
Step 1: Metrics Assessment
Evaluating Current Metric Frameworks should be the starting point in the pursuit of your business expanding the efficiency of data discovery. The most important points of the evaluation step are to note down any potential vulnerabilities, identify critical issues of data to be more resilient and reinforced, and remove redundancy in the data handling process.
Identifying Gaps in Measurement relates to the process of finding if the current metrics provide an accurate representation of your business insight into data discovery. Once the initial framework is established, the primary purpose of the evaluation process can be used to prioritize which measurements are the most relevant.
Step 2: Crafting Meaningful Metrics
Establishing Baselines for Improvement and creating a new reference point to compare any future results ensures that any efforts and resources spent on data discovery will yield the targeted result or outcome for your business.
We believe in Continuous Improvement so that as insights are discovered, after every data discovery iteration, we work with your business to streamline the process even further.
Step 3: Enact New Safety Measures
When reading headlines about large business corporations leaking millions of emails, passwords, and other consumer data, we often think they are the sole target and victim of data incidents. However, this is far from true:
Small businesses represented a staggering 43% of all data breach incidents, and they also present a lucrative target for cyberattacks. Having real-time monitoring of your data centers is paramount to achieving a level of resilience toward such incidents.
- Real-time monitoring is not only an optional feature but a requirement in today's rapid information world.
- Incident response planning is insurance in case the worst case comes to be. Most of the time, the damage that can be mitigated via a timely response vastly outweighs not investing in such strategies and educating your employees on the right protocols.
- Secured internal file sharing on a need-to-know basis allows you to control who has access to vital data and that it can be accessed only if certain conditions are met.
- Management and conducting of third-party vendor risk assessments are of utmost importance when sharing internal information with a partner or third-party vendor.
At Captain Compliance, we firmly believe that preventative measures are a strong focus that is not only legally required but also needed with the increasing proliferation of cyber incidents.
Embracing the Future of Data Discovery
We live in a time of significant technological transitions, as new systems are integrated daily to expand our capacity and speed. Once the proliferation of the Internet of Things converges with technologies like cloud computing and increased bandwidth speeds, businesses must proactively create new plans.
Data volumes globally are only set to increase as the big data market volume increases annually. There is clearly a significant investment into the procurement of hardware to allow for more data to be integrated and the creation of readily available cloud repositories down to personal cloud-based drives.
To prepare for the influx of data, the process should start today, as with each passing hour, the sophistication of cyber threats coupled with more risk vectors being created for data breaches only increases. In practice, this means establishing a clear Data Governance Framework and accurately sorting all sensitive data into appropriate inventories.
Captain Compliance's Forward-Focused Vision
Anticipating any future metrics challenges is a core aspect we prioritize at Captain Compliance by proactively addressing future challenges in data discovery metrics to get ahead of the curve of emerging opportunities.
The regulatory and data compliance landscape shifts constantly and is set to only increase in complexity as more laws and regulations start to interact with the upcoming technologies. Many of the newer Web 3.0 or blockchain technologies are still not fully regulated, and as such, we must think and act today to help you prepare for any outcomes.
After this guide, you should have a clearer understanding of the different data types, key challenges in data discovery, and why metrics play an important role in streamlining business processes.
Our mission at Captain Compliance is to help get your business legally compliant and ensure that your data discovery practices align without infringing upon any regulations. Having the peace of mind that your data is safely managed can let you entirely focus on the benefits of data discovery should you opt to outsource compliance.
We understand that it can be daunting to realize how many regulatory bodies and laws apply to even everyday data your business collects from consumers, and this is where we can help. Contact us to discuss how your business can take steps and craft a compliance framework to future-proof your operations.
What are the key factors of data discovery?
The key factors that affect your business in terms of efficiency of data discovery involve data quality, relevance, and completeness/accuracy. At Captain Compliance, we focus on helping you comply with any regulatory standards when performing any data practices.
What are Dat Discovery Methods
These are methods and techniques that encompass tasks such as data profiling, data classification, and getting the data visualized in a meaningful way. These are all tools at your disposal to gauge, measure, and interact with data by uncovering hidden patterns and insights within data sets.
What is Data Discovery Analysis
Data discovery analysis refers to the process of examining how data shapes trends and using it to identify any anomalies and create meaningful data correlations. Data discovery analysis helps your business make better-informed decisions based solely on accurate data-driven insights.
What are Data Discovery Tools?
Data discovery tools are primarily software and applications that are purpose-built to help your business in the process of identifying and classifying data.
These tools can be generally categorized into data classification, data profiling, and data analysis. When you have gathered all useful information, you can neatly present it to stakeholders via data visualization software.