i agree that data is a liability, however even my plumber's truck can kill someone and can be considered a liability. regardless, the truck is not something he can do business without. I agree that companies should fear the data they retain much more than they do today.
Like a million cogs in a warehouse, it costs money to store customer data. Storage costs can quickly overwhelm the value of the stored product. These costs can be lower for improper storage - not wrapping cogs can lead them to rust, and not encrypting data can lead it to being stolen. Financial documents should reflect the risks of storing data, to communicate this liability to shareholders and others.
"We are storing PII (Personally Identifiable Information) on 100 million Americans. A data leak could lead to significant material damages, from settlements to an impaired public reputation."
