Is Your MDM Ready to Endure The Privacy and Security Threats of the Future?

May 08, 2024
Privacy and Security

In the digital age, where data is the new currency and connectivity is ubiquitous, the twin pillars of privacy and security stand as sentinel guardians of a competitive business landscape. When information flows freely and cyber threats lurk around every digital corner, businesses face a dual imperative: safeguarding the confidentiality of sensitive data while fortifying their defenses against potential breaches.

Privacy and security are not merely regulatory checkboxes or operational niceties; they are existential imperatives that can make or break a company’s reputation, bottom line, and long-term viability. From protecting customer trust and brand integrity to preserving intellectual property and maintaining regulatory compliance, privacy and security matter deeply to any business striving to thrive and succeed in today’s fiercely competitive marketplace.

Importance of ensuring the privacy of your data

Lapses in data security can be and crippling for businesses. According to a report by Cybersecurity Ventures, global cybercrime is projected to cost businesses over $10 trillion annually by 2025, up from $3 trillion in 2015. But beyond the immediate operational reasons, there are two important strategic reasons why it is important to ensure that your data is secure and that access to it is restricted only to those who are permitted to access it.

  • Trust and Reputation: Maintaining customer privacy builds trust. A survey by Edelman found that 81% of consumers say that trusting a brand to do the right thing with their data is a deciding factor in their purchasing decisions. Customers are more likely to engage with and remain loyal to businesses they trust with their personal information. A breach of privacy can lead to a loss of reputation, which can be difficult to recover from.
  • Legal Compliance: Many jurisdictions have stringent regulations regarding the collection, storage, and use of personal data, such as the General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act (CCPA) in the United States. Failure to comply with these regulations can result in severe penalties and legal consequences for businesses. Businesses have paid billions of euros worth of fines for GDPR violations in 2023.

The role of an MDM in the data ecosystem of an organization

Master Data Management (MDM) stands in the middle of a data ecosystem, orchestrating the harmonious flow of critical information essential for organizational success. Fundamentally, MDM serves as the authoritative source of truth, corralling and curating master data across disparate systems and silos. By unifying diverse datasets encompassing customers, products, suppliers, and more, MDM creates a single, holistic view of essential entities, free from the discrepancies and duplications that often plague decentralized data environments.

Beyond mere consolidation, MDM empowers organizations with data governance capabilities, establishing clear policies, procedures, and controls to ensure the quality, integrity, and security of master data. Through robust governance frameworks, MDM delineates data ownership, stewardship responsibilities, and access controls, fostering accountability and transparency in data management practices.

Therefore, it becomes extremely important to evaluate an MDM vendor not just for the breadth or capabilities of the solution but also for their commitment to the security of their customers’ data.

How Syndigo ensures your data is secure

At Syndigo we take the data concerns of our customers very seriously. Ensuring peace of mind for our customers regarding data protection is extremely important to the design and development teams at Syndigo. Here are a few of the many steps that are followed by Syndigo to protect our customers’ data:

1. Privacy by Design and By Default

Syndigo’s products adhere to the data minimization principle. Syndigo strives to limit the scope of personal data used, requested, and processed to a minimum. For example, when storing customer data, the solution is designed to only process its users’ names, email addresses, job titles, and company information. Users can also be added using only their names or nicknames without surnames.

Also, Syndigo’s policy is to only keep personal data associated with a customer account in the system for twenty-one calendar days from the cancellation of the customer account. After that period, Syndigo deletes such data.

2. Encryption

Syndigo implements security measures to protect data, including personal data, during storage and in transit. Customer data is encrypted when in transit between our customer’s software application and our services and so are the databases storing customer data at rest. We use cryptographic controls and approved algorithms are used for information protection within the systems. Cryptographic keys are managed throughout their lifecycle (e.g., ownership, generation, storage, distribution, periodic rotation, and revocation) per established key management procedures.

3. Disaster Recovery and Backups

Syndigo takes appropriate measures to counteract interruptions to business activities, to protect critical business processes from the effects of major failures of information systems or disasters, and to ensure their timely resumption. Syndigo has implemented and regularly updates a written disaster recovery and emergency mode operations plan to restore or recover any loss of data and systems necessary to make data available promptly.

4. User Identification and Authorization

Maintaining appropriate access control procedures is key to ensure authorized user access and to prevent theft or loss of personal data from information systems. Syndigo’s policies establish the access control requirements for requesting and provisioning user access for accounts and services. The policies require that access be denied by default, following the least privilege principle and be granted only upon business need. Appropriate password hashing algorithms are in place to ensure that the authentication credential data stored is protected and unique to each customer.

5. Training

To continually strengthen data privacy and security, Syndigo invests heavily in ongoing training for all staff. Syndigo’s training programs promote awareness of information security requirements and are completed by all personnel upon hire and monthly thereafter.

Additionally, at least once a year, Syndigo employees and contingent staff with access to personal data must complete additional training on security best practices, and privacy principles.

Click here for a comprehensive look at Syndigo’s approach to ensuring security and reliability. Contact us to learn more about how Syndigo MDM is the perfect solution for your needs in terms of managing your master data while fully ensuring its security.

Don't miss out! Subscribe to our blog for updates.