Tag: sage inc
The data currency time bomb
Corporations are not only amassing huge amounts of personal data on their customers as never before but also trading that data, frequently without the customer’s knowledge. As yet, the general public is largely unaware of the uses to which their personal information is being put or whose hands it ends up in. At the same time, companies holding the data must tread an increasingly complex regulatory minefield. According to Chris Diebler, Security VP at cybersecurity company DataGrail: “Companies are all terrified of not having enough data as data is the new currency. However, companies need to think seriously about reducing these vast mountains of data. The value of data must be balanced against the cost and security risk of maintaining it." Companies that fail to secure personal data effectively or trade customer data with third parties face considerable potential brand damage when the details are obtained by bad actors and they suffer identity theft or financial fraud as a consequence.