# Data – the overlooked but priceless asset Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-10-12 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Why Cyber Security Should Be a Strategic Asset, Not a Mere Meta Description: Discover why data is the lifeblood of businesses and how neglecting its security can have grave consequences. Learn from Head of International Financial URL: https://financedigest.com/data-the-overlooked-but-priceless-assethtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd121017-1-2-1736843378806-compressed.jpg) _**Richard Betts**, Head of International Financial Services at Anomali_ Increasingly, the lifeblood of businesses today is the data that flows 24/7, 365 days of the year. Yet it feels as though many organisations are not treating it as the priceless asset it should be, especially sensitive client data. If any board of executives did not adequately look after the [cash it was dealing](https://www.financedigest.com/spains-top-soccer-clubs-to-get-cash-boost-from-3-2-billion-la-liga-deal.html "Spain’s top soccer clubs to get cash boost from .2 billion La Liga deal") with everyday then they would be removed. Yet their [management of data isn’t](https://www.financedigest.com/good-management-isnt-a-click-measuring-contest.html "Good management isn’t a click-measuring contest") seen as just as important, why? Too often the C-Suite treat [data as a mere commodity](https://www.financedigest.com/uks-ftse-100-gets-a-lift-from-commodities-as-u-s-inflation-data-looms.html "UK’s FTSE 100 gets a lift from commodities as U.S. inflation data looms") and not a strategic asset that a business can’t operate without. This is negatively impacting the security of this data, with firms treating the likes of [cyber security](https://www.financedigest.com/a-culture-of-cyber-security-throughout-financial-services-organisations.html "A Culture of Cyber Security Throughout Financial Services Organisations") as a drain on resources and not as an enabler of growth. The ROI is not as transparent as [say a new payment platform](https://www.financedigest.com/gazprom-says-it-will-not-sell-gas-on-its-spot-platform-this-week.html "Gazprom says it will not sell gas on its spot platform this week") that will directly generate new revenues, but it is just as fundamental for the future of any business. A cyber security attack can ruin a brand completely, firstly the upfront chaos and secondly the [impact on customer](https://www.financedigest.com/impact-com-fiscal-year-h1-2021-1-5b-valuation-150m-in-funding-bigcommerce-integration-69-customer-growth.html "impact.com Fiscal Year H1 2021: .5B Valuation, 0M in Funding, BigCommerce Integration, 69% Customer Growth") and partner loyalty thereafter. It’s not something to take lightly, yet many are ill prepared. Cyber security can become a [key business](https://www.financedigest.com/animal-drug-compounding-market-trends-business-strategies-and-opportunities-with-key-players-analysis-2030.html "Animal Drug Compounding Market Trends, Business Strategies and Opportunities With Key Players Analysis 2030") enabler only if it is considered as a plus, as a way to better understand their assets and make more informed decisions, manage problems better, and improve efficiency and productivity. Whereas a defensive, [cybersecurity as a protection layer approach is insufficient to cope with today’s growing threats](https://www.financedigest.com/hackers-for-hire-are-biggest-cybersecurity-threat-eu-agency.html "Hackers-for-hire are biggest cybersecurity threat -EU agency"). Once again, a [cyber attack](https://www.financedigest.com/lloyds-of-london-investigates-possible-cyber-attack.html "Lloyd’s of London investigates possible cyber attack") hash it the headlines and brought data management and security to the fore. Millions of ordinary people’s [data is now in the hands of a currently](https://www.financedigest.com/cbd-gummies-market-current-scenario-and-industry-growth-forecast-with-major-key-players-data-2030.html "CBD Gummies Market| Current Scenario and Industry Growth Forecast with Major Key Players data 2030") unknown actor(s) due to the breach at Equifax. It is estimated that 400,000 people in the UK have been affected and 145.5 million million in the US.The data included dates of birth, [email addresses](https://www.financedigest.com/how-to-create-a-professional-email-address.html "How to Create a Professional Email Address") and telephone numbers, not passwords or financial information, but to a trained cyber criminal it might not take them long to infiltrate other accounts and personal information. Especially considering Equifax discovered the hack months ago but only informed [consumers recently](https://www.financedigest.com/recent-research-waterjet-cutting-machine-consumables-market-is-expected-to-grow-at-a-cagr-of-4-8-by-2021-to-2031persistence-market-research.html "Recent Research: Waterjet Cutting Machine Consumables Market Is Expected To Grow At A CAGR Of 4.8% By 2021 to 2031:Persistence Market Research"). Organisations have to be more accountable, many consumers may be cyber [security savvy and yet still be impacted due to a business’ negligence](https://www.financedigest.com/factors-contributing-to-negligent-security-situations.html "Factors Contributing To Negligent Security Situations"). Many of us have complex passwords, backup data to offsite locations, use anonymous browsing where appropriate, etc. But despite all that we are as much a victim here as our personal information, which was collected and lost by a third party with whom we have no relationship. More regulation is required beyond protection of PII and financial institutions need to be adopting a stronger cyber security posture, for themselves and to protect the partners and customers they directly impact. It’s essential to step forward and do the right things: - **Transparency**: Inform the people and businesses effected as soon as a data breach happens that their information has been exposed. - **Responsibility**: Do not [turn a breach into a marketing](https://www.financedigest.com/analysis-oil-prices-turn-more-volatile-as-investors-exit-the-market.html "Analysis-Oil prices turn more volatile as investors exit the market") exercise. It is not a [time to sign people up to your identity protection services](https://www.financedigest.com/financial-services-and-sustainability-the-time-is-now.html "Financial services and sustainability: The time is now"), it will take time to rebuild the trust you have breached. - **Recover, Learn and Share**: No one is 100% secure against actors even with the intent and right level of capabilities. It is essential to collaborate and support peers in [order to reduce their risks to a similar attack](https://www.financedigest.com/biden-orders-probe-of-latest-ransomware-attack.html "Biden orders probe of latest ransomware attack"). Even if the attackers took advantage of [vulnerabilities that shouldn’t](https://www.financedigest.com/identifying-areas-of-vulnerability-why-cybersecurity-shouldnt-be-an-afterthought-for-financial-organisations.html "Identifying areas of vulnerability: Why cybersecurity shouldn’t be an afterthought for financial organisations") have been possible, it is essential that such malicious activity is shared with industry peers. Within trusted circles such as [Information Sharing and Analysis](https://www.financedigest.com/golf-apparel-market-key-players-and-production-information-analysis-with-forecast-2031.html "Golf Apparel Market: Key Players and Production Information Analysis with Forecast 2031") Centers (ISACs), organisations can learn from actor techniques and collaborate on cyber threat intelligence. As a result, sensitive data exposure can be reduced as stronger defences can be formulated, more informed decisions made, and [investment strategies](https://www.financedigest.com/what-makes-a-good-long-term-investment-strategy.html "What makes a good long-term investment strategy?") warranted.This is happening with the UBF-ISAC now, where Middle [East banks](https://www.financedigest.com/analysis-war-in-ukraine-puts-pressure-on-east-european-banks-to-prop-up-sinking-currencies.html "Analysis-War in Ukraine puts pressure on East European banks to prop up sinking currencies") are working together to equip them all with the tools and intelligence to better identify, protect, detect and respond to cyber attacks. In the age of big data, one hack has the potential to expose a huge volume of information. That problem is only going to get worse. Yet organisations will soon be held [accountable and have to release details of a fine much faster with GDPR legislation and potential fines coming](https://www.financedigest.com/why-is-accounting-coming-up-short-when-it-comes-to-new-hires.html "Why is Accounting Coming Up Short When It Comes To New Hires?") into effect in May 2018. Equifax has a great opportunity to show clear responsibility and leadership during the aftermath. But for the future, organisations holding sensitive information must do more to protect their data like their cash, with early warning cyber threat notifications via a threat intelligence platform, and participating in [industry sharing](https://www.financedigest.com/mycology-immunoassays-testing-market-growth-share-industry-dynamics-top-trends-and-regional-analysis-forecast-to-2027.html "Mycology Immunoassays Testing Market Growth Share, Industry Dynamics, Top Trends and Regional Analysis Forecast to 2027") groups. --- This blog is powered by Superblog. 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