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Harnessing the Power of Data Discovery: Transforming PII Risk Management for Businesses

By Alisa Fetic


Modern businesses thrive on data to stay ahead of the curve. It’s what helps them make informed decisions. But wherever there is data, risks and threats aren’t too far behind, especially when it involves personal information. A breach of data can have serious consequences for businesses in terms of reputation and trust

 

It is imperative to have strong safeguards in place to manage and protect data. This article will explore the importance of data discovery and how it can benefit businesses.


Importance of Data Discovery in a Cyber Security-Conscious World


Data discovery is the process of discovering and managing data, and it is a vital component of cyber security. It allows you to identify sensitive data and protect it from unauthorized access. Other aspects of its importance include:


  • Data discovery helps to identify PII risks by looking at the data stored in your systems and examining it for sensitive information that could be used by hackers.
  • It reduces the cost of a data breach. Identifying data at risk makes it easier to protect it and prevent breaches - saving you money by reducing potential breaches.
  • It helps to better understand your business risks so you can prioritize them accordingly.
  • It helps in finding new opportunities for growth. Data discovery provides insight into what's working well and not in your business.


4 Ways Companies Can Benefit from Data Discovery


1. Strengthen Your Business Operations


Data discovery helps your company better optimize its business processes and operations by uncovering hidden insights in your data. This is critical when it comes to the following;


  • Supporting a growing customer base
  • Maintaining compliance with regulatory requirements
  • Reducing costs by optimizing your supply chain


It's also useful in identifying opportunities for new revenue streams and seeing where you have room for improvement.


2. Reduce Risk


Data discovery enables companies to identify and address privacy and security risks related to their data. For example, a company may have been collecting personally identifiable information (PII) without even realizing it. Malicious actors could use this information to commit fraud or identity theft. Therefore, it is vital for companies to know what data they are collecting and take measures to safeguard it.


3. Data Discovery Improves Decision Making


Data discovery allows businesses to make smarter decisions faster by providing them with the information they need. It also empowers employees with the ability to access data from anywhere at any time through mobile apps and web portals.


4. Data Discovery Provides Better Customer Insights


Data discovery tools help businesses gain valuable insight into their customers' purchasing habits. They can better meet their needs and build strong relationships, which will lead to repeat customers.


Bottom Line


The future of data discovery is here, and it's a game-changer. Data discovery is the future of business, and IDOX has created an AI-powered solution to help businesses discover and manage their sensitive data.

Our software can uncover PII at the speed of light, allowing your team to proactively identify and fix risks before they pose serious consequences for your organization. With iDox.ai Sensitive Data Discovery, there's no need to worry about your personal data being leaked or compromised - we have got you covered!

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