As data grows and storage costs drop, businesses collect and store enormous amounts of data. This data explosion has created serious risk of mishandling data and potential for compromise. As businesses deal with the challenge of storing and securely managing big, sensitive data, we realize that not all data is necessary or has a future business use. Collecting and storing huge amounts of data without a pre-defined future use is a risky approach. It renders businesses vulnerable to data breach and leakage.
Though security and privacy technologies are emerging to help cope with these big data problems, hackers and cyber criminals find ways to stay a step ahead. More data means more responsibility to secure it and additional financial liability. Financial liability arising out of such breach can impact a business as well as its credibility. This may invite regulatory penalties and even charges of criminal negligence.