From: CFO
Treating data as a critical asset is a great organizational redesign opportunity that requires oversight by a C-level executive.
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Regulatory Environment
Aside from management’s motivation to realize these opportunities, powerful regulatory forces are forcing change too, especially with regard to cybersecurity and the protection of customers’ personally identifiable information.
First, the recently updated internal control framework that is a foundation of Sarbanes-Oxley (SOX) makes data breaches a cause for possible criminal liability for CEOs and CFOs. Second, the Federal Trade Commission (FTC) has brought more 50 cases against companies that have exercised poor housekeeping of consumers’ personal information, leading to expensive settlements.
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