Data is one of your most valuable assets
Increasingly our world runs on data; some of it critical, much of it confidential. Information has become one of the most valuable assets an organization possesses. This Harvard Business School article highlights Caesar’s Entertainment loyalty program, Total Rewards;
The most valuable asset in the Caesar’s Entertainment Corp. isn’t the fabulously-tacky Roman-themed resort on the Las Vegas strip. It’s the company’s big data loyalty program, valued at $1 billion.
– Harvard Business School
The data stored in the Total Rewards loyalty program was estimated to be worth over $1 billion and was at the centre of a very heated Caesar’s Palace bankruptcy feud with its creditors. Information in the loyalty program was deemed a more valuable asset then physical property, including the Roman-themed resort on the Las Vegas strip.
Not convinced data is at the centre of your organization?
The world produces 2.5 quintillion bytes of information each day. This recent article by The World Economic Forum, The value of data states:
In this age of hyper connected consumers, data is definitely the new age ‘oil’.
– World Economic Forum
Identify critical data, business processes and people
Your organization may produce and store mission critical data, intellectual property, patents, and business methodologies. How can you effectively assign resources to secure your data? By identifying critical data, business processes and key people, you can focus your efforts on securing key elements against loss or threats. Understanding what assets are vital to your organization helps direct resources efficiently and effectively.
“If we guard our toothbrushes and diamonds with equal zeal, we will lose fewer toothbrushes and more diamonds.”
– McGeorge Bundy, US National Security Advisor speaking to President John F. Kennedy
The quote by McGeorge Bundy illustrates the importance of identifying key assets. Another example would be to compare the value of a medical practice’s balance sheet of long-term assets (lease, medical equipment…) vs. a database containing patients’ medical records. A stolen portable ultrasound machine could be replaced at the cost of thousands of dollars, without putting the future of the clinic at risk. A breach in the clinic’s information systems, resulting in patient records getting into the wrong hands, could have a devastating effect on the clinic, both financially (litigation, regulatory investigations, fines) and in terms of the clinic’s reputation.
We help you to better perceive risk
By analyzing the exposure of data to threats and vulnerabilities, you can make informed decisions to mitigate the risk. A risk assessment is a valuable tool and the first step for an organization deciding how to counter risks to one of its most important assets: information.
To hear how we can help you create and maintain a resilient risk management program, get in touch. Contact us