Risk Trends 2025 and Beyond: High-value, Sensitive, Private and Confidential Data
Risk Trends 2025 and Beyond: High-value, Sensitive, Private and Confidential Data
As organizations tap into the power of their data, safeguarding it has never been more important. The potential of data is vast — from improving healthcare outcomes to driving business decisions — but so are the risks.
With evolving privacy laws and increasing regulatory scrutiny, data protection is not just a compliance issue — it's a business imperative. Learn how to manage your data like a pro, from lifecycle management and data quality control to establishing strong partnerships with third parties.
Who knows where your private and confidential data resides, and can you trust your controls?
As organizations uncover the potential of their data, they're learning how to harness it for incredible benefits. But safeguarding this data is more critical than ever.
Consider the example of healthcare providers. By integrating patient data from electronic health records with real-time health monitoring devices, they can predict and prevent health issues, reduce re-admissions, and improve patient outcomes. This showcases the transformative power of data while highlighting the importance of data protection.
Recent legislative changes like Bill C-27, amendments to Québec’s Law 25, and mandatory privacy programs in B.C.’s public sector underscore the growing importance of data protection. Non-compliance can lead to serious consequences, including legal penalties and fines. Regularly updating data protection policies and training employees are crucial steps for maintaining compliance.
Manage data like a pro
Proper data lifecycle management ensures data is classified correctly, stored securely, and disposed of properly. Automated tools can help track data throughout its lifecycle, mitigating risks at every stage. Vendors and partners with access to data must also uphold strict privacy standards. Conducting due diligence on third parties and establishing clear data protection requirements in contracts are vital steps to prevent vulnerabilities. Regular audits ensure partners remain compliant.
Data quality is another significant concern. Inaccurate data can lead to poor decision-making and regulatory violations. Implementing data quality management processes, such as data validation and cleansing, keeps your data accurate and reliable.
Despite the best precautions, data breaches can still occur. Having an effective incident response plan is essential. Regularly updated plans and mock drills ensure all employees know the procedures in case of a breach.
Addressing these data risk trends requires a proactive approach. By staying informed about legislative changes and investing in security technologies, organizations can comply with legislation, build trust with stakeholders, and protect their valuable data assets.
Why stop there? Here are other risks to consider:
- Data breaches
- Internal threats (e.g. manipulating data for personal gain)
- Inadequate data security measures
- Lack of training and awareness
- Data residency and sovereignty issues
Questions to consider:
- Are you confident your data is secure and used in an ethical manner?
- As data increases in demand and drives material value, will your data governance practices keep pace?
- Who has access to your data, and can you trust them?
