Data management and how to keep our data safe

The main concern is Data Protection: protecting sensitive / confidential data from unauthorized access, data breaches, and cyber-attacks is essential. It requires robust security measures and policies.

Another factor is Data Integration and Data Scalability: more and more data are gathered from heterogenous sources, big data and IOTs. In order to ensure Data availability, it is crucial to scale the organization’s IT systems accordingly.

“Data Democratization” is a trend we hear every day. Having more data available means everyone wants to access it, usually in a way that is fast and user-friendly. Data Management teams around the world are working to set up systems to enable “self-service” data analytics to their users.

Also, Data Quality has always been critical to leverage valuable insights. In the near future, we will see AI Models emerge and take on complex processes like Data Health monitoring.

Banking is one of the most heavily regulated sectors: as such, directives like GDPR and the Cloud Circular (from CSSF*) really boosted Data Management in Luxembourg’s Financial Sector during the last decade.

Also, the rise of Big Data and AI (in Credit Risk, for example) underlined the needs for a mature Data Management System that can provide data in mass, while being performant and ensuring data quality.

^{*The Commission de Surveillance du Secteur Financier is a public institution which supervises the professionals and products of the Luxembourg financial sector.}