Digital Insurance: Businesses avidly gather data and then fail to use it, a new study finds

digital-insurance-logoLike a compulsive shopper who continually purchases items that will never be used, most businesses are collecting far more data on their customers than they can ever analyze—or even properly classify. And like that shopper who’s in danger of mounting credit card debt, businesses engaged in uncontrolled data gathering also face a costly risk that they may be in violation of new data privacy laws.

“If businesses can’t analyze all of the data they collect, they can’t understand the value of it—and that means they won’t know how to apply the appropriate security controls to that data,” says Jason Hart, Gemalto’s vice president and CTO for data protection. “Whether it’s selling it on the dark web [or] manipulating it for financial gain unsecured data is a goldmine for hackers. What’s more, data manipulation can take years to discover, and with data informing everything from business strategy to sales and product development, its value and integrity cannot be underestimated.”

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