Data is fast becoming a new global currency, perhaps the most powerful in history, and businesses mine, collect and safeguard it. Yet unlike gold or oil which is made valuable by its scarcity, data is in abundance – and it is the sheer volume of it that makes it so challenging to govern. Businesses are often overwhelmed by their data, which is typically disparate and scattered across departments and even geographies. It’s not just small companies that are struggling in a new data-saturated world. If anyone needs a reminder of the pertinence of data protection, just last week, Google was handed a £44 million fine in France for alleged GDPR breaches.
Unlike a traditional currency, you can’t hand data over to a bank or lock it in a vault. Rather than a bank manager, businesses increasingly entrust their data to the Chief Data Officer. Still, companies live under the constant shadow of stringent regulation. This isn’t a bad thing - imagine today’s world if banks didn’t exist. Yet, while many are anxious about how their data is being used, everyone – individuals and corporations alike – stand to benefit from leveraging insights from their data. Hence data protection is more than just a business imperative, it is a social issue. However, the onus is on businesses first and foremost to handle their data responsibly, regaining the trust of a public that is increasingly wary of how their data is used.