Data as the real asset: sovereignty, cloud and the battle for control

In today’s digital economy, data is no longer a by-product of operations — it is the core asset that defines competitive advantage, resilience and strategic positioning. Yet, as its value increases, control over it becomes progressively more complex and diluted. Organisations now operate in an environment where data is generated locally, processed globally and governed across multiple regulatory frameworks. In this context, cloud is no longer just a technology enabler, but the arena where a deeper question is being contested: who truly controls the most valuable asset of the business. Mounting regulatory pressure — through frameworks such as DORA and NIS2 — is reshaping not only where data resides, but how it must be protected, audited and made resilient under extreme conditions. This creates a constant tension between maximising data value and constraining its use to ensure compliance and control. At the same time, emerging technologies add a new layer of uncertainty. «Quantum computing» challenges the very foundations of current data security, while the growing concentration of capabilities within hyperscalers is redefining the boundaries between efficiency, dependency and sovereignty.