5 IMPORTANT STEPS FOR DATA-PROTECTION COMPLIANCE PROGRAM By FANNY EVANS Managing Director MMG Trust
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n 2013, Virginia Ginni Rometty, CEO of IBM, said “I would like you to think of big data as the next natural resource that can be to our era what steam, electricity and oil were for the Industrial Age.� You have probably already heard: Data is the new oil! Data is the new currency! Such analogies have become very popular in current times given data is now considered one of the most important commodities to mankind.
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BUSINESS INSIGHT | BVI Means Business
NAVIGATING DATA BREACHES As such, the need for a data-protection compliance programmes is becoming increasingly important following several high-profile company data leaks over recent years. Some of the biggest data breaches over the last two years include T-Mobile, Marriott, British Airways, Quora, Google, Orbitz and more recently, Capital One. And while a successful data breach can occur in less than a minute, many businesses often take weeks to realize a breach has even happened. When taking the first steps into the complex waters of data protection, companies often get lost in the avalanche of legal requirements or get distracted developing a product or service that might make them more attractive to their clients. However, changing the focus to other issues should never be an option given the result of a data breach can be so damaging, including both reputational and financial repercussions.
