A data classification standard provides an organization with a structured approach to classifying data based on its sensitivity, value, and criticality. This will help in asset classification by:  Identification of critical assets: With data classification standards, an organization will be in a better position to identify and give priority to the most sensitive and valuable data assets.  Improved security: Assets will be classified in accordance with data sensitivity, improving proper security controls for better protection.  Simplification of compliance: Proper data categorization with the aim that data assets will comply with regulatory and industry standards such as GDPR and PCI DSS.