Episode 99: Businesses collect more data than they can handle

With pressure to ensure consumer data is protected mounting, fifth-annual Data Security Confidence Index, reveals that two in three companies globally (65%) are unable to analyze all the data they collect and only half (54%) of companies know where all of their sensitive data is stored. Compounding this uncertainty, more than two thirds of organizations (68%) admit they don’t carry out all the procedures in line with data protection laws such as GDPR.

The survey involves 1,050 IT decision makers and 10,500 consumers worldwide. The research found that business’ ability to analyze the data they collect varies worldwide with India (55%) and Australia (47%) best at using the data they collect. In fact, despite nine in 10 (89%) global organizations agreeing that analyzing data effectively gives them a competitive edge, only one in five Benelux (20%) and British (19%) companies are able to do so.

Confidence in securing the breach is low When it comes to how data is being secured, the study found that more than 57% of IT professionals in India say perimeter security is effective at keeping unauthorized users out of their networks. This is despite 67% of IT professionals believing unauthorized users can access their corporate networks in India, with Australian companies being the most likely (84%) and the UK the least (46%). However, once the hackers are inside, only 56% of organizations in India are extremely confident that their data would be secure. UK businesses are the most concerned with just 24% prepared to say they’re extremely confident, with Australia the highest (65%).

Even though there is still faith in how they’re securing their networks, one third (27%) of Indian companies reported that their perimeter security had been breached in the past 12 months. Of those that had suffered a breach at some point, only 6% of that compromised data was protected by encryption, leaving the rest exposed.

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