You are in big trouble – just ask your data. Data volume is growing exponentially. Staff are using personal devices at home and at work. Shadow IT is flourishing. Personal, private and confidential information is scattered throughout it all. Yes, you are still in business, and your clients are pleased with the services or products you provide – but unless you get your data under control and protected, all of that could change quickly.
Chubb (yes, the insurance company) took a big step today (October 13, 2016) to help bring this risk to our attention – a full page ad in the Globe and Mail’s ROB section, with this plea from your data: “I am your data. Protect me. I sit in the cloud. I am in your databases and devices. I grow by 100 terabytes every day. I am millions of confidential records. Names, addresses, bank account details.” In the Chubb scenario, your data begs for insurance from a company with decades of experience insuring companies against the risk of network breaches and compromised data.
It is time to get serious about information. Think about it - the risk of data loss is now serious enough to warrant a market segment in the insurance business. If a risk has grown big enough to require insurance, it is certainly a risk that can better be managed.
Chubbs’ message is a good one – protect your data. Insurance is one form of protection; information governance is another. At Wortzmans, we have seen the consequences of poorly managed information, and are often retained to provide advice on reducing the risks and costs of data. We know that companies that invest in proactive information governance projects are more efficient, and much better prepared for any data loss incident. It is time for your organization to take information risks seriously and listen to the data.
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