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Data Governance Solutions for Risk Management

Protect your risk and claims data to mitigate cyber risk and remain compliant with emerging privacy regulations.

Retain important historical data while removing personally identifiable information

Data-Encryption_1To protect sensitive data, a good practice is to anonymize records that are no longer being actively managed. By removing personally identifiable information and preserving other key elements of a record, you can ensure data privacy while retaining historical information for future reporting and analysis.

You can also restrict access to personal information based on the roles and responsibilities of your users. Limiting access to sensitive data can help protect the privacy of claimants and limit your organization’s vulnerability to misuse of data.

Automatically archive data after a specific period of time

Data-RetentionHaving to archive or anonymize data manually can be tedious. Now you can set a defined retention period for personally identifiable data contained in records.

For example, you can establish rules to anonymize or archive specific fields in a claim record after a certain period of time once the claim is closed.

Permanently remove personally identifiable information as needed

Data-DeleteAnother option to ensure data privacy is the ability to delete records permanently. Authorized users have the capability to delete any record containing personally identifiable information.

You can restrict access to this functionality with role-based security permissions.

Lock records to ensure that no data processing takes place

Data-LockIn some situations, your organization may hold the personally identifiable data of someone who objects to your possession of that data. In this case, you can lock records so that no data processing of those records can occur.

Locked data is hidden from all users except the system administrator and does not appear in any reports generated.

Data Management Priorities are Changing

Effective management of data has become a major corporate priority, not just an IT responsibility. Driving this change are the growing risks posed by cybercrime as well the need to comply with more rigorous data regulations like the General Data Protection Regulation (GDPR).

Businesses that neglect to protect and govern their data run significant risks:

  • regulatory penalties
  • brand degradation
  • customer churn
  • negative financial impact
  • loss of market share

GDPR: Is Your Enterprise Compliant?

More than 80 countries and independent territories have adopted comprehensive data protection laws. Data regulation has been taken to a new level with the introduction of GDPR.

The impact of GDPR goes well beyond EU borders. Organizations inside and outside the EU that collect, hold, or process data about an EU citizen are required to comply with the law. Penalties are severe for non-compliance, and regulations for data privacy are becoming ever more stringent worldwide.

Your data is your most vital asset, so it’s important to partner with data processors who understand the complexity of maintaining data security and ensuring compliance with privacy regulations.

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