Treat data like it's a financial asset

Member News | 11.09.2019

Treat data like it's a financial asset

Data today is as valuable as money. While investors seek to protect their portfolio from currency fluctuations, IT leaders must aim for the highest possible data quality and security. Treating it like cash under a mattress is not an option. New technology will help to build up trust in cloud solutions.

Data, some people say, is the new money. But like bank notes coming out of a cash machine, not all 1s and 0s are of the same quality. While some currencies may loose in value overnight, the dollars in your pocket will most likely be a safe bet. Similarly, IT leaders must strive to transform their data into a "safe haven," something valuable that is always available, trusted and secure.

Cloud computing has come a long way. When first-generation clouds emerged, many companies were still reluctant to adopt the new technology as they faced the dilemma of security versus innovation. Instead they chose to rely on their own IT security infrastructure — like savers stashing cash under the mattress or drawer instead of keeping it in the bank. It’s all about trust.

But the technological progress we've seen with the advent of second-generation clouds has helped to boost customers’ confidence. Today, nearly eight in ten businesses are convinced the cloud can boost their security. The latest technology enables highly complex workloads and gives you access to innovations such as autonomous database and artificial intelligence (AI). The fact that nine in ten companies say that at least half of their cloud data is sensitive information is proof of the heightened trust in third party data centres.

When LogOn started off a few years ago, it also ran its software via a regional data center as its activities were focused on Germany. In order to scale their services and roll out their voice-based online recruiting system in twelve Western European languages, they have transfered their business to Oracle Bare Metal Cloud Services (Oracle BMC). 

Logon’s team, lead by Peter Kolb,  was well aware that running a business in the cloud means shared responsibilities between them and the service provider. As the 2018 Oracle and KPMG Cloud Threat Report suggests, "it is crucial that everyone in the organisation — not just its leaders — is educated about the cloud’s inherent risks and the policies designed to help guard against those risks." It takes two to tango — no matter whether we talk about data quality and security for recruiting software or protecting your financial holdings.

From LogOn, meanwhile, there's more to come: "We are currently working on securing the data through the use of blockchain technology," said Kolb. Data quality for sure will be key on that journey.

Find out more about how IT and other business leaders are approaching data security.

We are hosting our "Oracle Future Ready Data Management" event on the 25th September in Linlithgow, find out more here 

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