The Internet is the backbone of the new digital economy. McKinsey estimates that data growth has generated 10% net new growth in GDP, and with the increase of IoT, it is estimated that in just three years there will be 4.3 devices connected to the Internet for every man, woman, and child on the planet. And that number is expected to grow into the hundreds. This has significant ramifications for how businesses operate.
- Data is currency – New technology is making it possible to correlate, analyze and draw conclusions from data in ways never seen before. Organizations MUST monetize data or be left behind.
- Data lives everywhere – Networks and computing have moved beyond the data center and remote office to include mobile workers, IoT wearables, smart vehicles, and the advent of the personal area networks (PAN).
- Data is being auto-generated– The expansion of parallel, interconnected networks that collect and share data to allow devices to make autonomous decisions is expected to generate a massive volume of machine-to-machine data.
- Most importantly, Data has value – Data is responsible for generating billions in new revenue for today’s digital organizations. Unfortunately, many organizations have a difficult time quantifying the value of their data or assigning a risk profile to it.
The problem with our increasing reliance on data is that anything that can be generated, transmitted, stored, or analyzed can also be stolen. The question that many businesses are grappling with is, “how can we capitalize on the opportunity of the digital economy while managing the attendant risk?”