The security benefits of MDMMeet compliance obligations: Since the arrival of the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA), data protection has become a central focus for US businesses. For example, creating a data flow map is required under Article 30 of the GDPR, and is the first step of the Data Protection Impact Assessment process. When used correctly, MDM helps organizations keep track of their data, while also providing assurance to auditors and the supply chain that data is being stored and used responsibly. Prevent data breaches: According to IBM, the cost of enterprise data breaches has increased by 10% in recent years. The first step of protecting your data is knowing where it is located – which is exactly what MDM is for. Bring structure to chaos: MDM enables companies to create clearly defined data policies. This ensures that data can only be used and accessed by the correct departments and people, which brings us onto our next point… Harness the power of authentication: A good MDM solution will feature user authentication protocols. Built on the principle of zero trust, these ensure that only verified users can access certain sets of data, which prevents insider threats.
Is your organization ready for MDM?While MDM clearly promises a wealth of benefits to organizations, it will only work for your company if you’re at the right stage of maturity. To determine whether you are at this stage, consider the below factors: 1. Readiness: According to Gartner, “MDM initiatives often fail when organizations don’t ensure organizational readiness before starting…They treat all data as equal and fail to identify and prioritize their master data.” There’s two takeaways here. Firstly, you need to assess your company’s analytics capabilities, to see if you’re ready to implement MDM. Second, start your MDM program on a small scale – focusing on a single set of master data, rather than attempting to organize everything at once. 2. The right fit: While MDM is the eventual answer for many organizations, it may not be the right one now. Think about what you are trying to achieve with MDM. For example, if customer data is your overarching problem, then a CRM solution may be more suitable in the short term, while MDM is the longer term goal. 3. Lay the foundations: If you feel hesitant about adopting MDM right now, then you can still take proactive steps to start laying the right foundations, such as mapping out your data sources and setting up a governance committee. As well as this, consider tools like data loss prevention (DLP) to map, classify and control sensitive data.
A five step strategy for MDMMDM doesn’t happen with a click of the fingers. It can take months to perfect your strategy – and it then needs to be reviewed on an ongoing basis. To get you started, here are the first steps at a high level.
- Planning: Discover and define your data, as well as establish the governance and policies that will enable secure, efficient usage of it.
- Mapping: Use mapping techniques – as explained in this blog post – to consolidate your data.
- Deployment: Look for an MDM software solution that is scalable and intuitive to use.
- Cultural awareness: Reinforce your MDM solution with training sessions and nudges to ensure data is being shared correctly.
- Monitor and review: Regularly review your MDM program to ensure it is kept up-to-date in line with internal changes and the regulatory landscape.