In the past few years, you’ve likely heard the phrase, “Data is the new oil.” But what does that mean, exactly? And why is acknowledging the value of data so critical for companies that want to drive growth and profitability?
Consider the sheer volume of data collected by life sciences companies, including clinical trial results, diagnostic testing analysis, and personal health information. Such data provides valuable insights that can lead to life-changing or life-saving treatments. However, compromising the confidentiality, integrity, or availability of gathered data could result in irreparable harm to a company and its customers.
For life sciences companies that manage data, understanding how valuable their data is for organizational growth and identifying how much the data would garner on the black market is an important and worthwhile investment. In fact, risk quantification, or evaluating identified risks and producing actionable data for responding to those risks, should be a top priority.