The data explosion is well and truly with us. Globally, more data has been produced in the last five years than was ever created before. The implications of this explosion are significant: businesses not only face challenges in relation to data overload, leakage and access by governments and competitors but also in relation to access and use of data which is freely available. Put simply, businesses must get to grips with data issues or else face losing out in the market.
The Government's recent publication of its "Open Data" White Paper has pushed data issues further up the political agenda. The proposals reflect the Government's commitment to data transparency, and its aim to boost efficiency, improve accountability and aid economic growth by making public sector information more widely accessible. Francis Maude, Minister for the Cabinet Office, stated objective is to create "an information marketplace for entrepreneurs and businesses".
It is vital that businesses embrace the data explosion in order to best make use of it. They will need to be smart otherwise they may lose out to competitors who are more data savvy. Hand-in-hand with access to open public data, businesses will need to think about who can and should access their own private data, and what security safeguards they currently have in place.
With data issues receiving such attention, we are hosting a high profile panel debate at our London office on 11 July 2012, during which the panel will discuss the key findings of our recent report, Secure Your Data – Protect Your Business. The report suggests that while data (and "open data") can offer many advantages, businesses often fail to address the numerous security risks posed by its use and storage.
The panel will also consider the tighter regulation of data. The Information Commissioner can impose fines of up to £500,000 for data protection breaches and the proposed new EU Data Protection Regulation, if passed in its current format, could extend that to 2% of turnover for the most flagrant data breaches.
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