How to use data analytics for risk assessment? Lebanon Phone Number

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ziaur
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Joined: Sun Jul 03, 2022 4:50 am

How to use data analytics for risk assessment? Lebanon Phone Number

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Quantifying risk is an essential part of making important business decisions. Most business organizations assess risk through prior experience and business acumen. Since it is not based on exact science, this method of risk assessment will be inaccurate. Errors can lead to increased production costs, delayed deliveries, and more. Therefore, it is crucial for Lebanon Phone Number businesses to use data analytics for risk assessment. If you don't know where to start, this article has some guidance on using business intelligence or data analytics for proper risk assessment. 1. What should be Lebanon Phone Number the scope of data analysis in risk assessment? The regulator determines the scope of the risk assessment. Each country will have its compliance regulations for creation, use, accessibility, storage, retention and destruction.

Likewise, there are different types of business organizations that generate different types of data. Therefore, risk assessments must be related to the data they generate and the susceptibility of that data to compliance issues. Before designing a data model to assess risk, some questions need to be answered, such as: Who owns this data? - Individuals or businesses with rights to Lebanon Phone Number access and use specific data. Who can legally access the data? - Human resources, legal counsel, IT, etc. What kind of data is it? - Name, number, PIN, email address, National Provider Identifier (NPI), patient information, PAN, credit/debit card number, CVV, etc.? Where is the data Lebanon Phone Number stored? - Is there a shared database, FTP or cloud storage? What are the existing data security protocols? If you want to design the most effective data model for risk assessment, you need to understand your organization's internal and external data flows.
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Only then can security breaches or deliberate violations be checked. 2. Data classification for risk assessment Categorize data so that its sensitivity can be checked. This will help to set the algorithm parameters for risk assessment in a more proactive manner. Lebanon Phone Number Data can be categorized as: Public Data – Refers to all information available on social media platforms, websites, search engines, etc. This may seem like low-risk data, but hacking social media accounts is a common problem. If any sensitive information, such as bank account details and Lebanon Phone Number other financial information, is associated with social accounts, that data will also be compromised. Private Data - This is a low risk situation as very few people have access to this information. Restricted Data - Only selected individuals at moderate risk who can modify and use the data will have access to this information. For example, name, address, phone number, bank card number, etc.
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