In 2017, an article in The Economist declared that data had supplanted oil as the world’s most valuable resource. “Smartphones and the internet have made data abundant, ubiquitous and far more valuable,” the article said. As a primary driver, the article cited an increase in the volume of data generated and the ability of artificial intelligence and algorithms to extract value. While this is still true today, it’s an incomplete picture of the true value of data.

Personal data – like a name, social security number, date of birth and account numbers – is worth about £50 on the dark web. But that’s just the amount cyberthieves will pay to use someone’s data for malicious purposes. There are also costs for people whose data winds up in the wrong hands. The average loss to cardholders for having their credit card data exposed is between £900 and £1,700. Then there’s the cost of repairing damaged credit, which is between £14 to £110 per month. These factors taken together provide a more complete picture of the true value of data and the need to protect it.