GDPR - an initiator in Lean Data Revolution
With big data making its rounds across various industries, the concern for data privacy has become a topic of debate amongst professionals. With the availability of massive amount of data, hackers are working round the clock to get access to these data sources, so that they can exploit it to their malicious needs. To curb this trend, and to make companies adopt strategies that can aid in data security and privacy, European Union (EU) and European Economic Area (EEA) came up with a regulation called General Data Protection Regulation (GDPR) that got implemented by companies on May 25, 2018. Through GDPR implementation companies will be subjected to periodically update their security settings so that their incident report plan and record management protocols are updated to the required standards.
While companies across the globe see this initiative like the one that curbs down their innovative possibilities, GDPR can mark the beginning of a lean data revolution that may result in lower data costs, proper data management, and efficient use of data along with robust privacy mandates for the data used. Lean data refers to the collection, maintenance, and usage of data that is needed throughout its relevance. With this approach, only necessary data will be paired down leading to effective data management. With overwhelming data storage cost being prevalent in the present market, using only essential data can reduce e-discovery cost while preventing data leakage and breach. GDPR’s data minimization protocols and lean data culture can result in ‘operationalizing’ the essential data. Hence, GDPR is not an end to innovation instead it could help businesses focus on utilizing data in a systematic manner leading to a lean data revolution.