Collecting Data One Thing, Analyzing it Another

Thursday, July 12, 2018 @ 05:07 PM gHale

Businesses collect a boatload of data, however, 65 percent are unable to analyze all the data they collect and only 54 percent know where all of their sensitive data is stored.

Compounding this uncertainty, 68 percent of organizations said they don’t carry out all the procedures in line with data protection laws such as GDPR, according to a report released by Gemalto.

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These are just some of the findings of the fifth-annual Data Security Confidence Index, which surveyed 1,050 IT decision makers and 10,500 consumers worldwide. The research found business’ ability to analyze the data they collect varies worldwide with India (55 percent) and Australia (47 percent) best at using the data they collect.

Despite 89 percent of global organizations agreeing analyzing data effectively gives them a competitive edge, only one in five Benelux (20 percent) and British (19 percent) companies are able to do so.

“If businesses can’t analyze all of the data they collect, they can’t understand the value of it – and that means they won’t know how to apply the appropriate security controls to that data,” said Jason Hart, vice president and CTO for Data Protection at Gemalto. “Whether it’s selling it on the dark web, manipulating it for financial gain or to damage reputations, unsecured data is a goldmine for hackers. What’s more, data manipulation can take years to discover, and with data informing everything from business strategy to sales and product development, its value and integrity cannot be underestimated.”

When it comes to how data is being secured, the study found 48 percent of IT professionals say perimeter security is effective at keeping unauthorized users out of their networks. This is despite 68 percent of IT professionals (believing unauthorized users can access their corporate networks, with Australian companies being the most likely (84 percent) and the UK the least (46 percent).

However, once the hackers are inside, 43 percent of companies are extremely confident that their data would be secure. UK businesses are the most concerned with just 24 percent prepared to say they’re extremely confident, with Australia the highest (65 percent).

Even though there is still faith in how they’re securing their networks, 27 percent of companies reported their perimeter security had been breached in the past 12 months. Of those that had suffered a breach at some point, only 10 percent of that compromised data was protected by encryption, leaving the rest exposed.

Click here to register to download the full report.

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