An organization's data is its prime asset. Owners must both assure its value by making it available for its intended use, and also protect it from misuse, wherever it may be in our increasingly Cloud-driven globally distributed networked environments. Put simply, Smart Data is data that is self-protecting – enabled to look after itself – to some degree depending on the trust environment in which it exists. This White Paper reviews the business value that Smart Data represents, and the capabilities it has potential to provide. Those capabilities can only be fully exploited when Smart Data exists in a trust ecosystem. In this context, our Trust Ecosystem Guide (G141) explains what a trusted ecosystem needs to provide.