Why is Data Investigation Critically Important In The Age Of Data Breaches?
A result of exponential growth of data volume and velocity
Increased velocity, volume, and variety of data have drastically increased the risk with sensitive data. With those, the challenges of minimizing the risk with data have grown significantly and responding to the incidents has also become increasingly difficult.
According to CB Insights, in 2020, almost 4000 data breaches happened. IBM’s study of data breaches shows that the average cost of a data breach in the United States is 9.05 million USD. Remote working, cloud migrations, and digital transformation due to the COVID-19 pandemic have contributed to the increased average cost of a data breach.
Furthermore, the cost of a breach in a customer PII stands as high as $180 per record. This essentially means the risk associated with a system handling 5 million-plus users is more than a billion USD. This alone shows how important it is for an organisation to secure customer data and privacy.
The study also shows that the average time taken to identify and respond to an incident is as high as 261 days. The longer it takes to identify and respond to a breach, the costlier it gets to be. But as per HIPAA, an organisation must provide notice to the covered entity without unreasonable delay and no later than 60 days from the discovery of the breach. GDPR has a 72hrs window to notify the controller of the nature of the personal data breach including where possible and similarly, other regulations also enforce a strict timeline around the notifications and actions around the data breaches.
All these show that having the best security or just complying with the norms is not enough for an organisation to avoid data breaches. With that said organisations need proactive measures to minimise the risk. Data investigation enables organisations to have a strong understanding of sensitive data trends and privacy violations in their data infra. This should also be accompanied by the ability to run spot audits and automatic PII clean-up in data stores.
Being able to perform effective data investigations will help organisations scale much faster, as they are able to minimise the risk and able to keep a track of increased data and its complex interactions, and confidently shift major focus & resources back to business from worrying about the compliances and data breaches.
Data investigation comes with its own challenges, as it involves looking into huge data, classifying them, and identifying the root cause and correlation between the identified sensitive data. Challenges in data investigation is a topic by itself and we have covered them in the second part of this story “Challenges of Data investigation”.
How can Borneo’s Data Investigation platform can help?
At Borneo, we are on the mission to help organisations protect their customer’s data privacy. Unlike the traditional Data classification tools, which can take months to complete an investigation, Borneo’s Data Investigation platform helps customers do it in a few days.
Fast deployment and time-to-value
Unlike many other platforms, deploying the Borneo Data Investigation platform is very easy and can be connected to your infra and start investigation in less than 30 min.
Blazing Fast Insights
In a few hours from deployment, the Borneo Data Investigation platform will start providing insights into sensitive data stored in the systems with clear actionable. This will help compliance practitioners in keeping a constant eye on the sensitive data, security surrounding it, and any potential misuse. If using Borneo post an incident, it will expedite the time to respond as it can start giving the initial insights in an hour's time from deployment.
Very Easy to Identify, Correlate and Act
Borneo’s easy to query interface has helped customers dig deep into the root cause of the issues and act on them. Details incident information with actionable insights along has been helping customers to resolve the issues faster.
Continuous Investigation, all day, all night
Unlike many other tools, where investigations or audits are done at recurring cycles, Borneo does this in a continuous and incremental fashion by deeply integrating with underlying data sources without impacting any of the real-time business operations.
Borneo’s mission to solve the problem of customer data privacy and data law compliance has already helped multiple organisations. Along with the other suites of solutions, Borneo is a powerful, flexible, and cost-effective all-in-one platform perfect for small to large organisations to achieve privacy compliance at scale.
Want to try our Data Investigation Platform? Request a demo with us.
