New research reveals only a handful of organisations can access sensitive data in a timely manner
April 30 2024 - 8:00AM
New research reveals only a handful of organisations can access
sensitive data in a timely manner
Findings show that the cost and complexity of data compliance is
hampering business innovation
- Only 2% of organisations can access sensitive data in less than
a week
- 69% of organisations are waiting over a month to access data,
sometimes between 3-6 months
- 92% of organisations agree that data drives business
innovation
- Organisations see the innovation and profit opportunity in
sensitive data but struggle to capitalise on this cost-effectively
without more sophisticated and usable data monetisation
strategies.
London, 30 April 2024: Protegrity, a global
leader in data-centric security and privacy, has today announced
the launch of a new research report ‘The State of Data Security
Optimisation and Monetisation’. The research reveals that while
organisations are using data to drive innovation and new
strategies, fewer than 2% of respondents can access sensitive and
classified data in less than a week.
Despite 92% of respondents agreeing that the innovation
resulting from data has a positive impact on the bottom line, and
all agreeing that data can be used to improve customer and employee
experiences, it seems that businesses cannot fully leverage the
data they hold. They are struggling to keep up with the pace of
innovation because the data needed to power new technologies like
AI is sensitive and is protected in ways that render it hard to
access. While 37% of respondents cited waiting times of 1-2 months
to access data, as many as 32% wait between 3-6 months.
The research, undertaken by independent research company,
Opinion Matters, surveys CIOs, CTOs, Heads of data and data
managers from enterprise organisations. It examines how
organisations are protecting, modernising, and optimising data.
According to Nathan Vega, Vice President Solutions Strategy at
Protegrity, “From the research results it is evident that
businesses are not leveraging the value of data due to delays in
accessibility. If an organisation is measuring access to data in
months and not days or hours, there is a limitation on their
ability to realise the potential of this data. In today’s modern
enterprise, organisations should see time to value within days, a
few hours being the norm and within minutes or even seconds being
optimal.”
Positively, the research findings revealed that organisations
are adhering to data regulations and compliance requirements, with
45% using data controls such as tokenisation and pseudonymisation
to secure data. Further, 84% state they are either fully or
somewhat prepared to meet PCI compliance requirements. While this
is promising, equally concerning is that 2% of respondents admit to
being completely unprepared, 14% say they are somewhat unprepared
and 46% of respondents say they are only somewhat prepared to meet
PCI requirements.
Vega adds, “Companies need to implement data protection tools
and strategies that allow them to balance the needs of data
security with useability to meet new data modernisation use cases.
It is also beneficial to make sensitive data usable data if
companies are to make timely and effective decisions to improve
customer experiences and drive innovation. Many are struggling keep
pace and capitalise on innovation cost-effectively without more
sophisticated and usable data monetisation strategies.”
Data compliance and governance have secured a place on the
boardroom agenda, with 90% of respondents stating that corporate
leaders have a good handle on the importance of data and compliance
and regulatory issues surrounding their data.
Based on the important nature of data privacy and compliance it
is promising to see that 96% of respondents are planning to invest
a portion of their IT budget in data security in 2024 with nearly
half (49%) of respondents planning to invest up to 15% of their IT
budgets on data security.
Vega concludes, “GDPR and other compliance regulations, while
necessary and proven effective for driving data security, are
adding to the growing complexity and cost for organisations to gain
value from their data. Not only does it require more time and money
to secure and access necessary data, but the delays in accessing
and using this data also have a knock-on impact on various aspects
of business.”
“As the technology landscape evolves and threat actors gain
access to new tools, securing sensitive data will continue to be a
growing challenge for organisations. However, companies can adhere
to stringent data regulations and requirements, keeping data
secure, and also reap the benefits of this data by investing in
data monetisation and optimisation strategies and implementing
tools to help make data accessible and useable without compromising
on privacy.”
Research methodologyProtegrity commissioned
independent research organisation Opinion Matters to undertake
research in February 2024. 600 CIOs, CTOs, CISOs, Heads of data and
data managers were surveyed from organisations employing 1,000+
people. Six industry sectors were surveyed including: airlines,
banking, retail, pharmaceutical, insurance, and telecommunications,
with 300 respondents from the UK and 300 from the US.
To Access the full report, please follow this link:
https://www.protegrity.com/resource-center/state-of-data-security-optimisation-and-monetisation
About ProtegrityProtegrity is a global leader
in data-centric security and privacy. With Protegrity’s Secure Data
Service, organisations can secure their sensitive data wherever it
is, control how it’s protected, and have confidence that it is
safe, even if a breach occurs. Whether encrypting, tokenising, or
applying privacy models, Protegrity delivers a first of its kind
cross-border data protection service that offers all the tools
necessary to reinstate business-critical cross-border data flows.
Protegrity’s technology is cloud-agnostic, AI and machine
learning-friendly and quantum- resistant. Today, Protegrity
protects the data of Fortune 1000 companies, including the top
banks and health insurance providers, and the world’s leading
multinational companies.For more information, visit
Protegrity.com.