20 July, 2023

Data Security: The new Business Enabler

In the digital economy, data is the fuel of innovation. It drives growth, efficiency, and enables new business models. But as the value of data increases, so does the importance of securing it. In fact, data from various reports and sources such as the IBM Institute for Business Value shows that over a five-year period, companies with sophisticated security capabilities outperformed their rivals in terms of revenue growth by 43%.

The Trust Factor

Trust is a precious commodity in the digital age. When customers trust a company, they are more likely to share their data, engage with the company’s digital platforms, and advocate for the brand. This trust is built on the foundation of data security. When data is secure, it fosters trust, and when trust is high, it opens the door to increased customer engagement and business growth.

Regulated Industries: A Higher Baseline

In highly regulated industries such as healthcare, banking, and financial services, the importance of data security is even more pronounced. These sectors deal with sensitive data where a breach can have severe consequences. Regulatory, legal, and brand reputation costs can linger for years after a breach, making data security not just a necessity, but a critical business enabler.

Data Architecture: The Backbone of Security

A secure data architecture is a key component of data security. It allows organizations to take calculated risks on new business opportunities without fear of compromising their data. Effective leaders prioritize a secure, transparent data architecture, which is cited by more than 80% of top CDOs as a critical factor in their success.

Data Security as a Business Accelerator

Data security is not just about protection; it’s about enabling business growth. By re-envisioning data security as a foundation for higher performance, businesses can foster higher trust, take smarter risks, make faster decisions, and achieve greater resilience. It can also position compliance as a competitive differentiator, turning a traditionally cost-centric function into a value driver.

Risk Management: The Proactive Approach

In the realm of data security, a proactive approach is key. This involves embracing risk quantification and qualification to continuously evaluate potential attack surfaces. It means adopting a “how” approach to data security instead of a “no” approach that limits new features and functionality.

In conclusion, data security is not just a protective measure but a business enabler. It fosters trust, enables risk-taking, accelerates decision-making, and can be a competitive differentiator, especially in highly regulated industries. As the digital economy continues to evolve, the role of data security as a business enabler will only become more critical.