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The fourth leg of the stool — Data protection

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Abstract

Financial executives focus on data creation, analysis, and dissemination as the lifeblood of their business strategy. At the creation phase, multiple inputs provide an enormous wealth of data. At the analysis phase, data becomes information, driving everything from business strategy to marketing strategy. At the dissemination phase, information becomes corporate wisdom as it is shared across the enterprise, and the corporation as a whole takes a step forward. This three-legged stool is sturdy, yet has its weaknesses, especially if the legs are not well positioned. What is needed is a fourth leg of the stool — an enterprise protection strategy that safeguards the data to make it available and accessible when needed. At the core of any financial firm’s discussion about data should be the questions: How current does my data need to be? What am I doing to protect and maintain my data across the enterprise?

Suggested Citation

  • Rosato, John, 2004. "The fourth leg of the stool — Data protection," Journal of Financial Transformation, Capco Institute, vol. 11, pages 108-109.
    • Handle: RePEc:ris:jofitr:1371
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    Keywords

    Data management; data protection; financial institutions;
    All these keywords.

    JEL classification:

    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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