Why it’s Important

The concept of valuing data, the revenue potential associated with data along with the concerns for compliance and liability have spun how we approach data 180 degrees in a short period of time.

Why?

The Internet of Things (“IoT”) + Big Data (aggregation, analytics).

What was once standard business practice: keep the smallest amount of data for the shortest period of time (think data retention policies) is now retain as much data (regardless of content or characterization) for the longest period of time – the more data you collect and retain, the more opportunities there will be to monetize it.

As data is collected and aggregated, as companies are bought and split off, as information moves across borders, as regulations change…the risk of exposing personal, confidential and regulated information multiplies.  And the penalties can be severe.  For example, not complying with European privacy legislation can result in a fine of up to 4% of a firm’s global revenues, even if you don’t have a physical presence in Europe.