Data, the new oil, currency and it’s rising value wanted by hackers

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The time for literate and tailored data management is now as data is fast on track to become more valuable than gold.

In an era where data has become more valuable than most commodities, the reliance on data and data markets has been on the rise signifying an apparent rise in the reliance of accurate and curated data.

The time for a data-conscious content creator and organization is now, with an important aspect of that being the management and security of that particular data.

Data literacy

Every data shared between banks and consumers, insurance brokers, and their clients including doctors and hospitals is an indication of how helpful data has become. Safeguarding this data is what many consumers lack understanding on.

According to Malcolm Tiley from Sithabile, a tailored data management firm, it was crucial to understand that protecting data was one side but making sure the data was backed up, and easily accessible was another side that needed to be adopted by everyone.

Malcolm Tiley presenting the benefits of added security around data.

Unpacking a presentation, Tiley said it was important for users to have access to their data while also understanding the costs involved in storing that data.

Understanding the difference between short-term data retention and long-term data retention was key for any customer and business.

Data impact: Are we taking advantage of data protection?

It was in April this year that Samsung slapped its employees on the wrist for accidentally leaking internal source code by uploading it to ChatGPT, which led to Samsung banning the use of generative AI services.

This was a clear indication of how valuable data had become and using AI services required caution.

Every transaction was an exchange of information and understanding that data needs to be securely and effectively sorted for businesses to gain invaluable insights that will shift their future decision-making.

Tiley said the right skills were necessary to take advantage of data protection services, that it was important to understand the nature of your data, how to organize it, and how to effectively protect it.

Relevance of cybersecurity

Around 40% of users have adopted cyber security according to Amit Sakalle, Cloud technology Specialist at Sithabile.

Others were still unconvinced as to what cybersecurity was and why it was necessary, he said.

Measures to secure data were important for any organization and Sithabile was prone to indicate their history of protecting data as their selling point.

The representatives stressed how it was important to understand that storage of data and backup of data were not the same thing.

In an effort to combat cyber crimes in the country, there was a need to create a culture on how to protect data while managing one’s own data through options such as cyber security.

Round table discussion on data, data security and overall cyber security.

The data spike 

The inclusion of AI

There was an identified data spike in the past two years and the experts point to youth being a major contributor to the increased data rise.

Understanding the role of data in preparation for AI, tech analyst Arthur Goldstuck said AI was underpinned in all that we do technologically.  AI was inevitable in organizations and has been intrinsically coupled with the latest tools necessary for organizations to operate going forward.

Advocating for data literacy Sithabile confirmed how data was an important asset for any business.  Understanding the nature of data, how to organize it, how to manage, protect, and retrieve it, were key steps for any business in ensuring a data-conscious future ahead of us all.

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