A new battleground: businesses lead the rush to capture, monetise and protect data
Just like the gold rush in the 19th century, enterprising individuals and businesses have recognised that there are great spoils to be had from capturing and monetising data. As its value is set to climb as the fourth industrial revolution takes hold those that act quickly, will have a head-start against the competition.
However, recent high-profile data breaches have reminded us about the importance of data protection. For example, Japan's pension service suffered a hack attack in mid-2015 resulting in 1.25 million cases of personal data being leaked. An earlier case in South Korea resulted in the country's largest-ever leak of private financial data, involving three credit card companies and at least 20 million people suffered information theft.
These data leaks serve as a stark reminder that hackers are growing ever more sophisticated in their methods, and arguably even one step ahead of the game. Not only can data loss hit businesses' corporate reputations and in the above cases, confidence in the public sector, it can hit the bottom line.
To prepare for this new paradigm, businesses must build a robust culture and infrastructure for data security awareness and ensure compliance with data privacy regulations. Data lies at the heart of the fourth industrial revolution and businesses that are quick off the mark to recognise that will be the ones that are still here when we start talking about what comes next.
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