Final answer:
The least sensitive data is classified as 'public' data, which can be shared openly without risk. This classification level balances the protection of data with economic implications, ensuring that resources for data security are allocated efficiently.
Step-by-step explanation:
In the context of data classification, the standard used to classify the least sensitive data would typically be referred to as the public classification. This data classification is deemed appropriate for information that can be made openly available without any risk of harm to individuals or the organization. Economic insignificance often pertains to the potential impact the disclosure of such data might have on financial status or operations. For essentials, a reasonable lower limit on economic significance might refer to a threshold where the items still fulfill their basic purpose without causing financial drain.
When identifying least sensitive or public data, one must consider factors such as regulatory requirements, potential for commercial exploitation, or privacy considerations. The process of classification is important because it helps to dictate how resources are allocated for the protection of data, with less sensitive data typically requiring fewer security measures, thus potentially resulting in cost savings.
The classification standard, therefore, balances the protection needs against the economic implications to ensure data is safeguarded appropriately, while also optimizing resource use and operational efficiency.