January 28th was Data Privacy Day and that’s got me thinking. I’m sure we all sometimes wonder how social media apps like Instagram ($715 million) and Snapchat ($16 billion) are valued at insane figures. There’s no mystery behind that. Large companies are purchasing these tech startups for one key purpose: to own the rights to data or information that these startups have generated. Information is lucrative.
As a large enterprise not in the data purchasing industry, managing our own information is a gargantuan task on its own. Whether you’re in legal, life sciences, or the financial industry, information and its proper management is significant to an organizations’ regulation and compliance policies. Since information is a highly profitable resource, knowing how to manage your data is vital to preventing data breaches and unwanted information seizures. Data breaches have caused many litigation lawsuits in recent years: think JP Morgan and Sony Entertainment.
Outside of those examples, the health industry has been a deadly target for cyber hackers. organizations within the health industry understands that client and employee information are meant to be kept extremely private. Not only are these organizations collecting endless bits of data every single day, they are also storing this information in enormous repositories. Why is this a terrifying concept? If information is improperly managed, will the data remain safe?
To prevent litigation and regulation risks, it’s time for organizations to understand that controlling their data and knowing how their information is managed, is the best practice to prevent malicious data leakages. For Data Privacy Day, let’s look into our organization's infrastructure and understand how our information is being managed so that our data can remain safe and private.