Evaluating Data Security
As a hedge fund, ensuring that your data stays secure is essential. Today, we are outlining the most important factors to consider as you evaluate your data security posture and develop a plan to keep your data protected.
In order to know if your data is secure (and how to make it secure), you need to understand the types of data you possess and where it is located. Consider who has access to the data and why. Once you have a clear understanding of your firm’s data inventory, you can determine which pieces of data are the most critical. Not all data will be the same, and as a result, not all data will require the same types of protections. By understanding your data, you can prioritize certain data pieces over others, and develop a more cost effective and efficient data protection plan. Consider the following questions as you begin to evaluate your data to determine which solutions are right for you:
Which technology solutions are you currently using to protect your data? These can include email services, applications, file storage systems, and security tools such as encryption.
How are you currently securing your data?
Which types of data do you possess, and of this, which is the most important?
How and where is your data currently stored? (Cloud? On premise? Combination?)
Have you had any data incidents or breaches?
How is critical data handled? Is it frequently sent outside of the organization?
How do you currently track the location and usage of your firm’s data?
What are the industry regulations your firm must comply with?
How are employees trained on data security?