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Is sensitive customer data an asset or a liability? When we think about the most successful companies in recent years that have leveraged customer data to build competitive advantages-such as the FAANG companies (Facebook, Amazon, Apple, Netflix, and Google)-we think of customer data as an asset.

However, with ever-increasing data breaches and the introduction and enforcement of global data privacy regulations, business leaders now understand that customer data, particularly sensitive customer data such as personally identifying information (PII), can be a liability to the business.

One way for businesses to reduce this risk of storing sensitive customer data is to not store customer data, such as identity data, in the first place-by employing decentralized identity solutions.