With every sector exhibiting similar risks, it’s important to consider convenient, primary ways of protecting your company’s data, such as by using password protection and encryption.

No industry or business is spared from the threats-not even nonprofits. According to the Ponemon Institute, the global average total cost of a data breach in 2021 was $4.24 million. The 2021 Data Breach Investigations report cites 93% of these bad actors were motivated by money. Unfortunately, your company’s data is also financially lucrative to the hordes of hackers out there looking to steal it and sell it on the dark web or other questionable online marketplaces. It can also be used to create new products, new features-even disruptive new companies and markets. Data can improve the overall performance of a company and help them make better decisions. Since 2006, people have been quoting British mathematician Clive Humby’s famous phrase, “Data is the new oil.” However, a strong case can be made that data may actually be more valuable than oil-some of the world’s most highly valued companies are data companies deriving much of their value from virtual assets.Īs Forbes pointed out, nowadays, every company is a data company, and the value of data is growing.

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