According to Gartner: “The trend for seeing and using data as a financial asset and liability is still in the “early adoption” phase, which creates the opportunity for doing so to be a competitive differentiator. Likewise, for any leading organizations developing a data and analytics strategy, understanding the dollar value and dollar risk in the data is a key priority.
However, even where data and analytics leaders have embraced this idea, an array of challenges inhibits transformation from concept to reality. This is compounded by the fact that data is considered an intangible asset that is still not accepted by accounting standards globally.”
In this report, find strategies that security and risk management leaders can implement, including:
“Identifying security and privacy risks that impact each dataset, and use infonomics to calculate the financial costs for tangible and intangible liabilities.
Evaluating the data asset and liability financial values for each business opportunity to determine the appropriate investment required to manage data security and privacy risks.
Using a combination of risk assessments and time-based financial analyses to plan operating expenditure (opex) and capital expenditure (capex) investment budgets required for data security.”
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