There was a time when the Oil companies ruled the globe. Oil was considered as an immense untapped valuable asset or valuable resource. It was the key functionality of everything right from the government to local companies. Without it, the global economies would shrink and all the progress would stop. Time has changed, and we are in a digital economy where data rules the world. Data has replaced oil and has become the world’s most valuable resource. Data is considered as the oil of the digital era.

Why Data Is Considered As The New Oil?

Although there are some legitimate concerns about the technical giants, that easily exploits the data to know about people and how they are accessing various information. But Data is seemingly improving the world at large. Data is becoming a new commodity that is capable of driving economies being part of fast-growing industries. The evolution of the Internet and technological advancement has significantly raised the importance of data. The technical giants like – Alphabet(Google’s Parent Company), Microsoft, Amazon, Apple, Facebook look unstoppable. These companies are collecting huge data from millions of users every single day.

1. Data is to the Technological Era as Oil is to the Industrial Era.

Data has got immense significance and it needs to be ethically extracted, refined, distributed, and monetized. It helps companies to drive their economic growth and improve brand value. This is true for companies like Amazon, who are constantly gathering data to provide recommended products to the people.

2. Requirement Of Data For Deep Learning, Machine Learning, Artificial Intelligence:

In this specific field of science, the importance of data is immense. Without it, no algorithm or network could work out. The scientists obtain a huge amount of information and data from these technical giants to improve their research work.

3. Data Needs To Be Protected:

Just like oil, data should also be used in an optimal way. Any sort of information that a business or tech company stores digitally needs to be protected. This digital data can be contact information, payment details, financial details, and personal information. Data Protection is crucial to maintain the reputation of the business using it.

4. The Data Protection Act:

This act helps businesses to ensure that the details of the staff, client, and customers are properly protected and should not be breached in any condition. By following the rules of Data Protection you can also protect your systems from cybercrimes and frauds. Breaching data can become a costly affair by damaging your business reputation and receiving penalties for not complying with the Data Protection Act. There are 3 main reasons to protect the data.

1. The purpose of protecting personal data is not just to prevent a person’s information from leaking, but to protect the fundamental rights and freedom of people that are related to that data.

2. Data Protection Law – GDPR (General Data Protection Regulation): If you are not complying with the Data Protection Regulation, then it can lead to harsh consequences.

3. The data protection regulations are necessary as it ensures fair and consumer-friendly commerce.

5. The Ultimate Renewable Resource Of Technological Era – Data

As it has been agreed that Data is the new oil and it has created an impact on humanity. With the help of Digital Transformation, the digital giants refine the raw data to improve our lives. Along with that, there is a threat of data breaching. Hence by complying with the data regulation act, data (information of your consumers, clients, and company) can be protected from unethical hacking.

Summary:

In today’s digitized era, data is quite significant for all the industrial and corporate sectors. Organizations must maintain proper security during the ongoing trend of data breaches and other cyber threats. It is essential for all the companies whether large or small, and they should have an effective risk-based and security framework to protect the collection of data and prevent any sort of data breach.

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