Data and Data Protection

Data is referred to as the “new oil of the 21st century” and can have the same disruptive and asset-building effect as the “black gold” of the last century. Today, efficient and cost-effective real-time data collection, processing and transfer inevitably constitute an integral part of a company's assets. The apparently unlimited possibilities open up manifold prospects, including for future business models, but they also bring certain risks. Effective data protection management and cyber security are of central importance in a world of increasing digitisation and networking (keywords: “Smart Home” and “Internet of Things”). In the light of the importance of data for companies, it is surprising that value of a company's data or data inventory is not yet explicitly reported in its annual financial statements or balance sheet.