The Banking Executive, Issue 155, November 2021

Who Will Govern Global Data? key management practices for the comprehensive protection of data across all platforms. • Data Management: It involves the collection, retention, and usage of data in a secure and cost-efficient manner. • Data Quality: Data is regarded as high quality when it serves the intended pur- pose and can describe the real- world construction. • Data Centres: It includes the physical facility or a dedicated space of an organiza- tion that is responsible for the stor- age of applications and data. Data centres hardware includes routers, switches, firewalls, storage sys- tems, servers, application delivery controllers, etc. • Data Analysis: It is a process of intense inspection of data for supporting the decision making. • Data Visualization: It refers to the representation of data in graphical form. That in- cludes- graphs, charts, maps, etc. It brings forward easy communica- tion of numbers in a graphical manner by building relations among the data. • Cloud Platforms: It is a hardware-based operating server that acts as an Internet- based data centre for storage and processing. Data Infrastructure as a Service Data Infrastructure as a Service pro- vides computing infrastructure and various computing resources through the internet. It complements the other forms of cloud computing serv- ices along with software as a service (SaaS) and platform as a service (PaaS). Data Infrastructure as a Serv- ice include compute resources, stor- age, networking along with self-service interfaces, web-based user interfaces, APIs, management tools, and cloud software infrastruc- ture delivered as services. THE GLOBAL DATA CHALLENGE The G20 Policy Brief offered to the Saudi T20 (G20 Think 20) process in 2020 highlights the various chal- lenges facing global data and data in- frastructures. These challenges are overviewed below: • Lack of unified data governance practice: Data is increasingly becoming one of the most important resources of the 21st century, greatly affecting how industries, nations and soci- eties develop. In 2019, there were about 4.13 billion internet users around the world, a 900 percent increase from the same statistic two decades ago. Goods and serv- ices flow across borders through ISSUE 155 NOVEMBER 2021 the BANKING EXECUTIVE 11 Figure 2. Data infrastructure building blocks (source: ALCOR FUND WORLDWIDE