{"id":3034,"date":"2016-01-12T00:00:00","date_gmt":"2016-01-12T00:00:00","guid":{"rendered":"http:\/\/otava.test\/why-you-should-value-your-data\/"},"modified":"2016-01-12T00:00:00","modified_gmt":"2016-01-12T00:00:00","slug":"why-you-should-value-your-data","status":"publish","type":"post","link":"https:\/\/www.otava.com\/blog\/why-you-should-value-your-data\/","title":{"rendered":"Critical reasons to value your data"},"content":{"rendered":"

\"OnlineLet\u2019s talk about your personal belongings for a second. When you apply for homeowner\u2019s insurance, you\u2019re asked to value your property. How much is your computer worth?\u00a0 All of those tools you have tucked away in the garage? What about your wardrobe? Kitchen supplies, furniture and so on also must be taken into account. The reason is obvious of course: If someone were to steal them, you can file a claim and get reinbursed\u00a0based on the value of your possessions.<\/p>\n

Your business is no different when it comes to physical assets. Value is attributed to your computers, printers, furniture, and so on. \u00a0And where do you track that value should you need to make a claim? Your balance sheet.<\/p>\n

But something is missing from the balance sheet. \u00a0While it\u2019s not physical, it\u2019s arguably the most valuable object for your business: Your data.<\/p>\n

Value unlisted<\/strong><\/p>\n

Data has value. Medical data specifically, is as good as gold. \u00a0Why is that? For starters, the policing of medical records is little to non-existent.\u00a0 When your medical identity is stolen, the thief can use the acquired data to access prescription drugs or fraudulently bill payers (Medicare is especially lucrative), resulting in millions of dollars in fines and legal hassle for the payers, government, and the victim. Criminals will pay extraordinary amounts of money (up to $470 for Medicare patient identity<\/a>) for those unmonitored medical records.\u00a0 Take a moment and run the numbers on that: hosting a mere 10,000 Medicare records means you are protecting potentially $4,700,000 in black market value that someone wants to take from you.<\/p>\n

Now let\u2019s say the very worst happens (I cringe writing these words): you have been breached<\/em>. If you are prepared, you know about it.\u00a0 There are a couple of ways this can go:<\/p>\n

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  1. The data is either cryptolocked and has been exfiltrated;<\/li>\n
  2. The hacker (or hackers) want you to pony up to get your information back safely or it is already being packaged and sold on a data market.<\/li>\n<\/ol>\n

    Unfortunately, it\u2019s not like getting a stolen car or wallet back. \u00a0Data can be infinitely replicated. Once that data is gone, consider it gone. <\/strong>And what happens when that data is gone? You could face termination<\/a>, lawsuit<\/a>, or worst of all, go out of business<\/a>. How can you replace that kind of asset? You can\u2019t and given the potential liability, legal ramifications, and loss of revenue make it one of the more (if not most) valuable asset of your entire company. Why isn\u2019t that reflected in your balance sheet?<\/p>\n

    You might argue that it is, albeit indirectly. After all, your IT security assets are what keep all that data safe. And that\u2019s definitely listed on your sheet.\u00a0 My guess is that when compared to the value and liability of your data, those assets are a trivial number.\u00a0 In order for your board of directors or CEO to see why<\/strong> you need all those dollars for security, they need to see the exact value of what is being protected. There\u2019s nothing like seeing it in black and white to drive that point home.<\/p>\n

    How do you figure out how much your data is worth? Several sources track market values. Here are a few:<\/p>\n