Protecting Data Capital in your Organization

  • Those who do not invest in sufficient data protection risk limiting their success in key areas.
  • As organizations continue to realize the importance of data and begin to treat it as an asset, data storage and protection becomes increasingly important.
  • A comprehensive data protection plan needs to be in place to ensure that if disruptive events do occur, organizations are in a position where they can quickly and effectively recover all of their high-value data.

The digital era is changing the way that organizations think about, protect, and monetize data. Now more than ever they are pushing to be digitally-driven, and to achieve this they must be data-driven.

In the last 12 months alone, over four in ten (41%) have experienced unplanned systems downtime, costing an average of $527,000 and almost a third (28%) have experienced data loss, costing an average of $996,000.

Data powers everything in modern organizations; analytics, digital experiences, IoT, and artificial intelligence are notable examples. All are essential to organizations that want to succeed in a digitally transformed world, but they simply cannot function without data. This is driving the shift from data as a static digital asset to data as a strategic business asset.

Those who do not invest in sufficient data protection risk limiting their success in these key areas.

Macro Trends

Data holds considerable value

Our research found that in the vast majority of organizations this value is recognized and, in many cases, organizations are starting to actively monetize data:

As a result, organizations have more data under management than ever before. Over time, the quantity of data will continue to grow exponentially as the attitude of treating data as capital becomes more widespread.

As organizations continue to realize the importance of data and begin to treat it as an asset, data storage and protection becomes increasingly important.

What does the valuation of data mean for the importance of data protection?

As the value of data increases, so does the financial cost that faces organizations if they suffer a disruptive event, such as unplanned systems downtime or data loss.

In the last 12 months alone, over four in ten (41%) have experienced unplanned systems downtime, costing an average of $527,000 and almost a third (28%) have experienced data loss, costing an average of $996,000.

Disruptive events, such as unplanned systems downtime, data loss, and ransomware attacks are problems that many organizations struggle to defend against.

Therefore, a comprehensive data protection plan needs to be in place to ensure that if disruptive events do occur, organizations are in a position where they can quickly and effectively recover all of their high-value data.

A Deep Dive into Data Capital

What is data capital?

Data capital refers to any wealth or value that has been derived through using an organization’s data.

As well as having value in its own right, data is crucial to digital transformation and plays an important role in allowing existing assets and infrastructure to unlock new, previously untapped value.

The digital era that organizations now find themselves in means that unprecedented data growth is unavoidable. Next-generation technologies and workloads (e.g. IoT, AI) in particular are at the heart of many organizations’ digital transformation plans, and they create significant quantities of data and amplify this growth.

This is leaving many organizations in need of a rethink – as seen below, almost half currently do not have data protection solutions in place that will be suited to their future data protection needs:

Next-generation technologies and workloads that are powered by data Analytics, Digital UX, IoT, AI

Given the magnitude of macro changes, the way that organizations treat and protect data must also change.

Data protection can no longer be an afterthought for organizations. As the potential to monetize data grows, so does the risk associated with not protecting it properly. And this is not limited to high costs associated with data loss and unplanned downtime; 19% of those who experienced data loss and/or systems downtime in the past 12 months also lost customers as a result.

In the past, many organizations would choose to take out an insurance policy that would cover them for any expenses or liabilities that came as a result of a disruptive incident, but this is no longer a sufficient approach – this does not cover for the most important and valuable asset of them all – the data.

Nineteen percent of those who experienced data loss and/or systems downtime in the past 12 months also lost customers as a result.

A bold prediction for the future:

Data protection will no longer just be about safeguarding data. Instead, data protection will play the role of protecting and extending the value of that data over time, ensuring that data is available and accessible as needed.

Why is effective data protection so difficult?

The importance of implementing more effective data protection is clear, but there are three key challenges that make data protection difficult for organizations:

Many organizations are also trying to juggle multiple data protection vendors while facing these challenges. However, findings from this research highlight that those with multiple vendors are more likely to experience data protection-related disruption.

Many organizations are also trying to juggle multiple data protection vendors while facing these challenges. However, findings from this research highlight that those with multiple vendors are more likely to experience data protection-related disruption.

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