Final answer:
A PII indicator is used to flag data that could potentially identify an individual, and it is a key component of data protection.
Step-by-step explanation:
The indicator that flags an asset which could potentially be used to identify a specific individual is commonly referred to as a Personal Identifiable Information (PII) indicator. PII is any data that could potentially identify a specific individual or which can be used in conjunction with other information to identify a single person.
This can range from direct identifiers like social security numbers and full names to more indirect data such as IP addresses or location data. Safeguarding PII is a central aspect of data security practices and regulations like the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA).