Data Forensics and Better Risk Management and Incident Response

 

Over 80% of today’s business operations are stored digitally. Information and details about employees, manufacturing facilities, finance, inventory, and every aspect of the business is stored in digital forms. The swift transition to cloud computing makes data management even more important, since efficient management can now directly influence the business’s efficiency.

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Aside from data management, data forensics is also becoming increasingly important. Forensic Data Analysis or FDA is a handy tool for improving risk management and responding to incidents or special cases.

Analysis and Insights

Data forensics is an important process to complete in the event of a disaster or a case. Whether it is information theft, data loss, or other forms of corporate disasters, FDA must always be part of the response plan.

The process starts with actually recovering, collecting, and processing related data. Any damaged files are restored and details about the incident are documented completely. Every piece of related data is then analyzed to fully understand the situation.

A lot of valuable insights can be acquired from this process. For starters, it is easy for the company to identify points of leaks or responsible parties in certain cases. Causes of data loss can also be identified through careful forensic analysis. All of these insights are valuable for two purposes: case resolution and incident prevention.

Forensics for Case Resolution

It is not uncommon for larger companies to have a legal team or department that relies on digital forensics. There are even solutions such as eDiscovery Services that are geared towards making the whole data gathering and processing process more manageable. These solutions help corporations establish the most efficient system and structure for data discovery and review.

On a smaller scale, data forensics can produce evidence and information that lead to the successful resolution of the case. Instead of going through paper documents, for instance, you can get the crucial information faster by processing everything digitally.

Incident Prevention

Understanding the case or incident you are dealing with thoroughly through data forensics is also a good way to prevent future incidents. Every detail of the incident can be identified, which means you can develop prevention and mitigation plans to better deal with future incidents.

In some cases, data forensics can even help prevent future incidents entirely. Lewis Brisbois Bisgaard& Smith LLP regularly needs to process large sums of data – often exceeding 1TB in size – due to the amount of pending litigations the firm handles.

The recurring challenge was finally solved when the firm utilized eDiscovery services to help manage their goals. A custom solution was developed and the firm can now process relevant information from a large amount of data, all while keeping the costs of discovery at minimum. This solution is made possible thanks to data analysis automation.

It is clear that data forensics is a crucial instrument that can help your business manage risks and deal with incidents and challenges much more efficiently. Now that FDA tools and services are more accessible, there is no reason why you shouldn’t integrate the approach with your existing workflow.

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