FD Insights Issue 12 | Page 21

Governance of Data Data Governance / Management Will We Be Sued If Hacked Legal and Business Process To Follow if Hacked Do We Really Need To Process All Personal Information Operational & Technical Measures For Storing Selecting Personal Information Securely Should We Follow An “IOT” Approach Are We Producing Reporting That The Business Can Use To Extract True Value Should We Buy Or Sell Data Is The Data We Collect Accurate The practices described in the ISO/IEC 38500 are not exhaustive but provide a starting point for discussion of the responsibilities of the governing body for the governance of data. That is, the practices described are suggested guidance and not a closed or limited list. In an environment where technology and data are essentially ubiquitous, it is unlikely that any organisation or governing body will find itself in a static position as regards the Governance of Data. Governing bodies will be almost certainly faced with assessing and weighing-up risks around their data. Aspects such as “control” will need to re-evaluated. Long considered security and control over one’s on-premise environment may need to be re-evaluated when one accepts that an IT Manager can download sensitive data, delete same and walk away with all that a company holds dear. Theo Watson, Corporate Attorney for Microsoft 3. Acquisition: the governing body should evaluate, direct and monitor acquisition of data and its use within the organisation. 4. Performance: The governing body should evaluate, direct and monitor the performance of how the data use within the organisation is meeting the needs of the business. 5. Conformance: The governing body should evaluate, direct and monitor the extent to which the data use of the organisation satisfies its external and internal obligations. The fallout following the Ashley Madison hack provides us with a good case study. While the company did not directly derive revenue from, and its business was not primarily about data, data was a material asset in its business. Protecting its data (a key asset) should perhaps have been given a higher priority in light of the obvious risk around a possible hack. While only a full investigation will reveal whether Ashley Madison was in any way at fault for allowing the hack, we can nevertheless draw on the fallout