What is Data Classification?
When working with different data sets you may encounter data quality concerns around the validity accuracy and completeness of data
As the size and complexity of your data set increase, you will need systems methods standards policies and procedures to help you deal with topics like storage retrieval and updating of data they are all topics that potentially impact the quality reliability and accessibility of your data
Data needs to be classified by its level of sensitivity, value, and criticality. Data can be of the following types:
1. Highly confidential data cannot be shared with anyone and it is shared on a need to know basis for certain individuals or groups it is typically of the higher management. Unauthorized disclosure may cost severe financial or reputational damage
2. Confidential data information is shared on case to case basis for certain individuals or groups unauthorized disclosure may cause significant damage or may result in financial penalties
3. Internal this internal proprietary information intended for internal authorized. External unauthorized disclosure may cause embarrassment or minor damage to the company
4. Public Information intended for public use where public use and disclosure would not negatively impact the company