Internet

The Cost of Losing Your Digital Assets

The Cost of Losing Your Digital Assets (1)

Quite a number of businesses have still not understood the real value of digital assets. Since they don’t appear to be an immediate priority, you don’t put any effort into preserving them and thus they keep disappearing day by day. This can become a significant risk for your business in the future.

Digital Assets

People often have confusion regarding what digital assets actually are and ultimately fail to understand their value. Some of the most critical assets are:

  • Digital communications
  • Customer data
  • Intellectual data
  • Contracts and agreements
  • Internal documentation including business plans and strategies

Vulnerabilities due to asset loss

Of course, businesses are not totally ignorant of these assets, but they often tend to overlook the long-term planning regarding how vulnerable they would be if these assets are lost.

Regulatory Crackdowns

The conservation of one’s digital presence has now become a regulatory responsibility, i.e. It has become law. There have been many such cases where firms have had to pay heavy fines since they couldn’t safeguard their digital presence.

One such case was of Goldman Sachs which occurred in 2019. A fine of 34.3 million pounds was charged for failing the required transaction reports. GDPR is raising standards for all kinds of businesses so that they protect and gather their data as it is proof of their digital presence.

Currently, no less than 40% of financial firms are at risk of being fined because of not complying with the record-keeping rules under MiFID II. This lack of records is mainly due to the lack of technology and strategies required for capturing data in real-time.

Poor Digital Conduct

When it comes to physical assets, things are very clear. The business has insurance to protect its warehouse and stock, and all the employees are made aware of its value and are also responsible for protecting it. However, the same is not applicable to digital assets.

A recent study estimated that around 12% of firms stated that it wasn’t clearly defined who among them was responsible for owning the digital risk. Only 13% confirmed the risk posed to their business where 46% admitted that they hadn’t started working on their digital assets’ preservation.

This clearly shows that there is a lack of understanding, and people are neither understanding the benefits of their digital data nor getting how big a loss they can be.

Trademark Infringement

One of the most valuable things a business owns is its brand. Yes, they will protect it by filling its trademark protection, but if they can’t present proper evidence to support it, it can cost them a fortune. If some other business claims the brand of your business, the problem can be solved only if you can provide all the important records.

Not only do you lose your brand, but you also have to bear litigation. Thus, trade infringement must be taken seriously.

Other Risks

Losing Web Content

A firm’s web content includes its web page, all the images, videos, documents, blogs, and live chats. These are your firm’s identity and communicate vital information about your business. As they are freely available for public access, they are prone to cyber-attacks and hacktivism. You can be charged for non-compliance if this data is lost.

Online financial promotions

A financial promotion is an invitation made with the motive to increase investment and communication activities. Your financial promotions may include any blogs, videos or even your website. If this is lost, you won’t be able to prove that your promotion was clear, fair and not misleading. This can cause you serious fines and your firm’s reputation may be hurt.

Key Internal Documents

These mainly include the company’s marketing plans and strategy documents. This is commercially sensitive information and can become a target of cyber-attacks. This internal information can also be stolen and used in unfair terms. If any client-related data is lost, the client may file a complaint against you.

The best and immediate solution to maintain your digital assets is web archiving. Digital archives are a live, breathing copy of your online data that are time-stamped and can be referred whenever needed.

How Stillio can help?

Stillio is an excellent web archiving tool that allows you to take full-length screenshots of your digital assets. You can automate this process and Stillio will document everything for you on an hourly, daily, weekly or monthly basis, as per your choice.

About the author

Tirupati Gumpula

Hi, I'm a Tech Enthusiastic and founder of Popular technology blogsWay to Hunt. & Elite Tricks. Want to promote your brand? Email: [email protected]

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