How Big Data Analysis Helps Compliance & Decision Making

New technologies aim to try and reduce the burden that comes with handling complex business problems. This is why it’s crucial to understand how big data can help with your company’s compliance and decision-making. The compliance for cybersecurity means that companies have to analyze how much impact a large number of information streams and inputs have. With big data analytics, companies have essential insights into compliance, so they can streamline their effort and boost their profitability.

The vast quantity of data that organizations obtain is the primary cause of management challenges. While big data can help an organization and give them a competitive edge in their industry, big data analytics have become more challenging due to increasing regulation.

You need big data analysis even more when dealing with different regulations for data protection. The rules on big data have increased due to the increasing level of data insecurity. A company that obtains and manages big data has to have a system in place that ensures that it is well interpreted and all gaps that might cause possible breaches are sealed.

Some of the data with your organization will likely include those you got from public sources or the customers. To meet up the demands of regulations, you have to give a detailed report that consists of the type of data, how it was used, how it was shared with suppliers, and the security measures you have to prevent data breaches.

Understanding Big Data

This is a term that embodies a vast amount of data that companies worldwide keep with them with the ability to analyze this data mathematically to observe the trends and patterns in it. This is broken down into four dimensions, namely volume, variety, velocity, and veracity.

Volume has to do with the number of data sources and the data scale. Variety considers the different formats in which the data exists. Velocity has to do with the speed of collecting the data. In contrast, veracity refers to the uncertainty surrounding the accuracy of the data.

Variability in Analysis

One of the most challenging parts of big data analysis is the data variability and the possibility of changing while processing. This is related to variety, although it is not the same. In comparison, the variety has to do with data available in different forms such as images, texts, audio, etc. Variability means that the meaning of the data might not remain the same over time.

For instance, if we take the example of the word “run.” In storing this as a data point, it’s difficult to determine whether this word relates to running as an act, run-in relating to cricket, a programmer running a code, boat running rapids, etc., due to the different meanings of the word. If you get different videos and images relating to this word, they might or might not be related to themselves. Meanwhile, the analysis must know the difference between these words and also understand their context. This will result in highly complex analysis, and coping with data variability can be tricky in this case.

How Big Data Affects Compliance

Your organization’s compliance with regulations is strongly affected by big data because you have to account for how it flows into your organization. You should expect that regulatory bodies take an interest in all the data handling stages, from data collection to data processing and data storage. The primary reason behind these extensive calculations is that they can ensure that the data is safe from breaches and cyber-attacks.

Since you are looking to comply with these regulations, you must have a security strategy in place to protect your data. While you are being analyzed, you have to show the regulatory bodies how the different risk mitigation strategies are expected to work and how efficient they are. It will be easier for you to get certified if you’re able to provide a detailed report about your systems to ensure data security.

Some of the things expected of you are sophisticated analysis tools, employing highly qualified professionals for data analysis, identifying threats to security, and recommending mitigation strategies. So when it comes to dealing with big data compliance, it requires a lot more, especially in comparison to small data.

However, there are some benefits to the way you handle big data that you can enjoy, such as getting a predictive report about the likelihood of a possible breach or cyber-attack. When you use these data during the auditing process, the auditors will likely develop stricter measures, unlike when small data is involved. This means that a sure way to establish a reliable security system for your organization is by using big data.

How to Use Big Data for Compliance

According to essay reviews at Essayontime authors, a significant prerequisite to ensure compliance is to show proof of risk management strategies. With big data, you’ll be able to develop a reliable risk evaluation system by ensuring the following:

  • Preventing fraudulent activities

The approach to predictive analysis always gets a boost when big data is involved. This makes it a suitable means of detecting the activities of criminals such as money launderers. Compliance officers can detect cyber threats when they use big data to carry out internal audits. Then they are able to take the appropriate steps to avoid its occurrence. This will accelerate the process of compliance and also make your clients more confident in your organization.

  • Helping with customer management

One of the criteria for getting compliance certification is to prove that your customers are happy with the organization’s handling of data. If you are using big data analytics, it will be easier for you to understand your customer behavior, which will directly affect how you make your decisions. In the end, it will be easier to complete the compliance process.

  • Third-party risk management

Several risks are associated with sharing the data that you get from your customers with other vendors. If you want to get compliance certifications, then these third-party risks must be well-managed. With big data analytics, it will be easier to manage most of the risks associated with these vendors pose for your organization’s compliance process. You can do this by a thorough analysis of their ability to protect the customer data before you go ahead and share it with them.

Conclusion

One way to help your compliance process is to have strong security. You can focus your programs such that it is consistent across numerous platforms, but another way to ensure you meet your compliance goals is to ensure control effectiveness. For instance, you might be required to patch the latest software update as a compliance directive. Compliance is not a problem for your organization if your analytics don’t show signs of weakness.

Author Bio

Tiffany Harper is a training guru working in the corporate sector for over a decade now. She is a management graduate and loves to share her experience through blogs and articles. For her love of writing, she also provided freelance consultations for college paper and essay writing services while working with BestCustomEssay.

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