siliconindia | | March 20188IN MY OPINIONoday, data is the new fuel that is driving the digital economy for-ward. The expanding digital footprint is giv-ing rise to a new econ-omy, thereby, providing businesses a treasure trove of data. The advent of modern technologies such as ML, AI and NLP, is further enabling business guesstimates to get better and more accurate, and paving way for more custom-made consumer offerings. However, despite all its benefits, data comes with its own share of challeng-es and risks. Threats associated with security are probably the biggest chal-lenge that data is facing in the present times. Now, the question that arises is, can businesses handle this challenge and safeguard consumer privacy?It has long been said that `knowl-edge is power' but never has data been this important for businesses. By us-ing data in a smart way, enterprises are trying to meet the expectations of their customers and improving their busi-nesses at the same time. Data is an in-creasingly valuable asset, and success-ful organisations are those that extract maximum value from the data that they collect and create. But there sig-nificant hurdles still remain. With the increase in value of data, the scrutiny on how it is collected, stored and used has also gained importance in the pre-sent age. As data breaches have gained widespread attention across the globe, any negligence by organizations on this front can lead to a tarnished repu-tation. Enterprises need to love their data and should not see keeping it se-cure as a chore. Organizations should ensure that its processes, training, and culture, are extremely focused on rec-ognizing and respecting the value of its data. They should also have a clear ownership within the organization, in the shape of a data protection officer (DPO), working alongside a chief in-formation security officer (CISO). Governments & Lawmak-ers are Increasingly Setting & Enforcing the StandardsThe EU's General Data Protection Regulation (GDPR) will be the latest high-profile example of new regula-tions imposed on the way organisa-tions handle and use highly sensitive consumer data. Since it is an EU regu-lation, its impact will be felt by any organization doing business in the EU. The threefold task of reviewing, refin-ing and improving on existing compli-ance and security measures should be deep-rooted into the ways of working for every business. It shouldn't take new regulations to make a company assess whether it is doing enough to protect its data.Closer home, Union By Subash Nambiar, Vice President ­ CloudPlatform, Oracle IndiaOracle is redefining how to modernize, innovate, and compete in a digital world, delivering complete and integrated cloud services that allow business users and developers to cost-effectively build, deploy, and manage workloads seamlessly--in the cloud or on premise.DATA DRIVEN FUTURE TSubash Nambiar
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