In 2017, The Economist published a report called, “The world’s most valuable resource is no longer oil, but data.” Since then, data has become a critical competitive advantage for most successful businesses, and those who are able to manage proprietary and third-party data can derive insights that drive better business decisions. But the available supply of data has exploded to a point that many enterprises are overwhelmed, and struggle to even have basic visibility across their data sources and software supply chains.
Consider the exponential growth curve data is on today. Over 90 percent of the data the world has ever created was generated in the last two years, and we collectively create 1.2 trillion MB of data daily. IDG estimates that companies access, on average, over 400 different data sources, and 20% of organizations pull data from 1,000+ data sources, many of which contain sensitive Personally Identifiable Data (PII), Protected Health Information (PHI), or financial information.
If data is indeed the new oil, how can enterprises manage and protect their most valuable assets?For startups creating solutions for a “data-is-oil” world, the possibilities to deliver value to enterprises are nearly endless if you understand the challenges keeping your potential customers up at night.
Tools that Holistically Manage Data Inventory, Storage, Deployment, and Security
Enterprises often struggle to establish complete visibility across fragmented data silos, especially “dark data”(unstructured and unutilized data, typically stored in log files or archives). Companies need audit and discovery tools that identify sensitive data and ensure it is properly protected with security controls that meet compliance and regulatory requirements. Additionally, the right encryption, data anonymization, and redaction technologies can both protect and control sensitive data at-rest and in-motion. Advanced encryption technologies such as homomorphic encryption allow companies to use encrypted data without requiring decrypting, thereby eliminating the risks of compromise.