Monitor Third Party Data Use
Companies increasingly recognize the value of data and take steps to protect it as a business asset. Sources of data often reside with third-parties (e.g. Bloomberg, Reuters) which are accessed by businesses through data licencing agreements. Under the terms of such data licencing agreements, consumers are required to maintain the confidentiality of data and must ensure that it is only consumed by individuals who are licenced to use it.
End-users who are consuming data on a day-to-day basis often do not have in-depth knowledge and understanding of the licencing agreements their business will be held to. This lack of insight, combined with a fast-paced, wide-ranging use of data can lead to practices that can unwittingly fall outside of an acceptable use policy.
Data which is licenced for use on an individual computer may make its way onto other computers which are not authorised to consume the data. Individuals may be sharing the data in reports or publishing it to internal data buses without realising this is in beach of the data license.
It is common for third-party data providers to have an ability, under the terms or an agreement, to examine specific aspects of how their data is being consumed. Furthermore, many companies have received large financial penalties after data providers identified a breach of the acceptable use, data licence agreement.
How HUB85 solves this use case
HUB85 can automatically identify any spreadsheets that are re-publishing data and therefore may be at risk of breaching their data licence agreement. Being able to identify this can reduce the risk of facing a financial penalty from your data provider for a breach of acceptable use.
HUB85 can also monitor and identify which spreadsheets are consuming data, and assess how they are utilising the data. This transparency allows companies to monitor and identify if their data licences are being used efficiently. For example, administrators will be able to identify which data-licences are no longer being used and therefore can remove or re-assign a license to others within the organisation. Furthermore, administrators will have a clear view into which data is being requested and therefore be able to identify whether the data demands can be addressed via a different type of data license or via more efficient technological means.