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Different industries hold different forms of data, or the same data but held with varying degrees of importance information assets can also take on different forms for different organizations. To begin with, organizations must first identify their mission-critical information assets that, if compromised, would cause major damage to the business.

What are an organization’s critical information assets? Given these factors, organizations should begin to reevaluate if their resources are enough to protect the data that they collect, store, and process. Each report highlights the constancy of threats, the costly consequences, and the security holes that make breaches possible. But organizations are likely to pay even more due to fines from violating data protection laws, as was the case for UK British Airways (fined US$230 million), Marriott (fined US$124 million), and Equifax (fined US$575 million).

Reports of continued data breaches, despite the new policies, further drive this point.Īccording to an IBM study, the cost of a data breach has increased, pegging the average cost of a data breach at US$3.86 million in 2018. The dawn of stringent data protection and privacy laws such as the General Data Protection Regulation ( GDPR) and ePrivacy Regulation ( ePR) not only reaffirms the importance of data, it also raises the stakes for those that collect, handle, and store data. Protecting information and data has never been as vital as it is today.

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