Companies deal with high volumes of data every day. In fact, 51% of businesses realize a positive difference in their bottom line by using their business intelligence (BI) to predict customer trends.
According to one source, the BI market may reach close to $30 billion before the end of 2022. With so much money going into data management and so much resulting from it, the need for effective cybersecurity measures continues to grow by the day.
So why is security in BI so essential, and what can you do to make your company's strategy more effective at handling BI?
Table of Contents
- What is BI?
- Protecting Data
- Protecting Clients
- Lowering Risk
- Mitigating Concerns
- Data Protection with Integrate.io
What is BI?
Business intelligence comprises gathering, processing, and presenting actionable data based on the workings and performance of your company. KPIs (key performance metrics) are the soul of BI, as they allow you to gain a fuller understanding of how your business is doing and what direction it is going.
BI can be complex, often requiring experienced data managers and programmers, as well as high-level software. Thankfully, some tools can simplify the experience through easy data pipeline creation and streamlined processes.
Of course, BI comes with a lot of security risks. Many of these occur because of the constant movement of data. Anything that is not automated within a secure platform will be prone to leaks and human error.
Data may move to and from many sources throughout processing, and at every stage, it is vulnerable and a security concern. Businesses have to take care to protect against malware or breaches within their infrastructure. As many as 72% of companies suffer damage from fraudulent emails, and that is just one type of phishing attack.
With the increase in big data management, the need for a comprehensive security intelligence strategy to protect against cyberattacks has become overwhelmingly clear. According to IBM, the average financial hit companies take from a data breach is close to 4 million dollars, with the healthcare industry being affected the most heavily. This industry experiences the most financial damage because of cybersecurity breaches.
If you deal with data, your job is not only to protect your company's interests but also the interests of your clients. Some of the best ways to do this are with security frameworks offered by data management platforms. Forms of security measures commonly offered include authentication and access control. The most simplified version of authentication is the basic username and password method.
Two-step or two-factor verification/authentication has also become increasingly common, as more vendors believe it is far more effective than a simple username and password usage. Two-factor authentication (2FA) mandates that some form of the temporary password is sent to a phone or device and that the device owner must then enter that info. While 2FA is not infallible, it does help to decrease breaches.
Any worthwhile data management system should offer access control that permits companies and data managers to choose who accesses what data based on specific factors. These methods provide added protection for sensitive information and help clients better secure their accounts and personal data.
One of the most common methods is row-based access control. Row-level security (RLS) is a highly specific means of restricting data access to particular rows in a table.
The financial risk for companies and the risks for clients are only two consequences of poor security measures. Compliance is also a significant issue. If your company causes a breach, legal tangles can ensue.
Some business intelligence tools offer out-of-the-box compliance, enabling data managers to focus on the intricacies of data governance. They may also offer real-time monitoring, ensuring you will not face unaddressed threats.
BI solutions arrange and present your data using tables, reporting dashboards, and similar means. They often focus on allowing users in all departments of an organization to view, understand and collaborate around actionable datasets.
The top advantages include support, documentation, extensive security measures, and frameworks. These solutions reduce risks associated with BI security and data management while simplifying workflows.
Another essential reason to beef up your security of BI has to do with gaining the trust of your clients. Anyone who is even vaguely aware of the heavy statistics regarding cybersecurity breaches has good reason to worry. Being able to assure clients that their data is safe can help you build trust in your field.
While this is especially important for the healthcare profession, it also applies to other industries. CEOs must have a secure methodology for data integration. The best way to accomplish this is to create a comprehensive BI strategy that includes a modern data management system.
Data Protection with Integrate.io
Protecting data is just one role of data analytics software like Integrate.io. Software that provides cloud security and protects from attacks lets data managers focus on gathering the insights needed to build a business instead of running around and putting out fires.
Integrate.io performs simplified and secure ETL (extract, transfer, load) and ELT (extract, load, transfer). The Integrate.io platform provides SSL/TLS encryption and fully complies with SOC 2 and HIPAA standards.
For more information about how Integrate.io can take your BI security up a level, schedule a call today and ask about our 14-day pilot.