Start Treating Data as an Asset: Here's How in 5 Steps.

Data is the backbone of any successful business, but many organizations unintentionally undervalue their data by treating it as a secondary priority rather than recognizing it as a critical asset. This oversight can lead to missed opportunities, increased risks, and even catastrophic losses.

So, where does your data rank in priority within your business? If it's not at the top, it's time to shift your mindset and build a Data as an Asset strategy. With just 30 to 60 minutes of focused effort, you can take meaningful steps to safeguard your data and maximize its value.

5 Steps to Help You Get Started on Your Data as an Asset Strategy

Step 1: Define, Prioritize, and Categorize Your Data

The first step in creating a robust data strategy is clearly defining and organizing your data. Not all data holds the same level of importance, and understanding this distinction is key.

• Identify critical data. What information is vital to your operations, compliance, or revenue? Not all data carries equal importance. Separate the essential from the non-essential.
   
  • Expand Definitions: Critical data includes customer data, proprietary information, operational metrics, intellectual property, and vendor/supplier details.
    
    
• Categorize data based on its impact. Understand how different types of data affect compliance, revenue, and decision-making within your organization.
   
  • Segment by Value: Identify which data sets contribute the most to revenue generation, compliance, or operational efficiency. These are your top priorities for protection and management.

• Focus on protection. Prioritize securing your most critical assets. You don’t need to protect everything equally; your high-value data must receive top-tier attention.

Step 2: Understand Where Your Data Lives

Modern businesses often store data across various platforms, such as cloud platforms, servers, desktops, or even external storage, creating a complex digital ecosystem.

• Map your data locations. Document where every piece of important data resides, and ensure this map is updated regularly. Data locations could include on-premise servers, cloud services, and employee devices.
• Eliminate silos. A clear overview of your data ecosystem can improve both security and efficiency.

Step 3: Control and Monitor Access

Controlling access to your data, and how it is used, is one of the most effective ways to minimize risk.

• Define access needs. Only grant access by assigning permissions based on job roles, ensuring that individuals only have access to the data necessary to perform their specific responsibilities.
• Implement technical controls. Use tools like access permissions, multifactor authentication, and encryption to ensure data stays secure.
• Monitor activity. Review access logs and audit trails regularly to detect unauthorized access or suspicious behavior.

Step 4: Protect Your Data with Insurance

Even with robust controls, incidents can happen. Protect your business from financial loss with proper insurance. Your data strategy isn’t complete without financial protection.

• Secure insurance coverage. Work with your insurer to confirm coverage for ransomware, data breaches, and business interruption.

• Evaluate your needs. Work with an expert to ensure you have the right level of coverage for your business’s unique risk profile.

Step 5: Acknowledge and Address Cyber Risks

Cyber threats are constantly evolving, and being proactive is key to staying ahead, ignoring them is no longer an option.

• Conduct Regular Assessments. Third-party security audits can uncover hidden weaknesses and help you stay ahead of evolving threats.
• Regular Training: Educate employees on recognizing phishing attempts and practicing good cyber hygiene.
• Penetration Testing: Engage third-party experts to simulate attacks and identify vulnerabilities.
• Develop an Incident Response Plan: Regularly update and test your plan for handling data breaches or cyberattacks.

From Awareness to Action: Mitigating Risks Proactively

Once you’ve established a foundation for your data strategy, it’s time to tackle risk mitigation.

Ask yourself:

• What could go wrong with your current setup?
• How would those scenarios impact your business operations, reputation, and bottom line?
• What steps can you take today to minimize those risks?

Prevention is always better than cure. Proactively mitigate risks with these strategies:

• Backup Strategy: Maintain regular, secure, and tested backups of all critical data.
• Encryption Standards: Ensure data at rest and in transit are encrypted to meet industry standards.
• Vendor Security: Evaluate third-party vendors for adherence to strong data security practices.

Treat Your Business's Data as a Key Asset

Proactively addressing potential threats not only strengthens your business’s resilience but also fosters a culture that values data as a core asset.

And you must commit to ongoing evaluation. Data management is not a one-and-done effort. Revisit your data strategy regularly to adapt to evolving risks, new technologies, and changing business needs.

Remember, data is not an afterthought. Your company’s data should never be treated as a secondary priority. It is a critical asset that fuels innovation, growth, and decision-making. By investing time and resources into building a comprehensive Data as an Asset strategy, you’ll position your business for long-term success and security.

Teknologize is a SOC 2 Accredited, Professional Technology Services company with clients throughout the Pacific Northwest. We have offices located in:

• Tri-Cities, Washington 509.396.6640

• Yakima, Washington 509.396.6640

• Bend, Oregon 541.848.6072

• Seattle, Washington 206.743.0981

Questions about your IT or Cybersecurity? Give us a call today!