THE VALUE OF DATA SECURITY
November 8th, 2018
Constantly, companies are susceptible to informatics attacks. These attacks can damage one of the most important organizations’ assets: Information. Certainly, the company’s data is one of its most valuable assets and difficult to quantify.
Depending on the theft nature and the use made of that filtered information, the company could suffer potential damage of its image and reputation, as well as, economic losses that could arise directly with the stolen information handling.
Given that, as we have already pointed out, the damage implicit in this actions type does not only entail an economic loss, but also involves other qualitative aspects, it is difficult to establish how much an organization loses when it suffers a cyber attack. This uncertainty has decided that the cybersecurity insurance business has grown 30% in the last year
The specialized media point out that the financial sector has been the most protected, but they estimate that this trend
will be reversed because all institutions understand that their data security is a first-order need
Then the dilemma arises! How do we calculate the data value? It is definitely a difficult task to give value to an aspect that is largely qualitative in nature. Several financial specialists have tried to establish models for the calculation of this costs type, but all have detractors who, with solid foundations, collapse models and postulates.
One of the most popular among finance professionals has been Doug Laney, an analyst who works for the firm Gartner Inc, (an office that does consulting and research of information technology based in Stamford, Connecticut, United States), who made contributions regarding the calculation of information value in a book entitled “Infonomics: How to monetize, manage and measure information to obtain competitive advantages.
In this book, he points out those financial models are based on cost, that is, on the data economic value and on the data use licensing, whereas in non-financial models, he states that the business value and data performance value must be considered.
Beyond being able to quantify the information value, organizations must understand, certainly, the price to pay for data theft is so high that it could take them out of the market, causing a break in the company’s activities. It is recommended to have an Internet security services supplier in order to safeguard the company’s information.
Cibersys es una marca global de telecomunicaciones orientada al desarrollo de productos y soluciones de seguridad de datos en la nube para el sector corporativo latinoamericano y se presenta como alternativa en la elección de su proveedor de servicio de seguridad, ofreciendo tranquilidad, libertad y visibilidad en la gestión de sus datos.