Navigating the Complexities of Modern Business Strategies
Data is the foundation of modern business strategies. Organisations are navigating a complex landscape to harness the power of their data effectively, from ensuring seamless integration and accessibility to upholding quality standards and compliance, all while fostering strategic data governance. In an era where data holds the key to unlocking AI capabilities and driving advanced analytics, the quest for leveraging sensitive data safely has never been more pressing.
How exactly are organisations navigating this data-driven landscape? Are they fostering a culture that drives data-driven insights? Do they have robust measures in place to safeguard their data assets? Are they leveraging their data not just for insights, but also for gaining a competitive edge?
To delve deeper into these questions, we embarked on a journey to survey CIOs, CISOs, CTOs, heads of data, and data managers. Our aim? To uncover how organisations are safeguarding, modernising, and optimising their data to stay ahead in today’s competitive business environment.
In this two-part series, we will explore the findings and insights from our research and pose solutions to the challenges the key stakeholders are facing.
What Are the Three Key Data Security Challenges for the C-Suite?
How Can We Manage the Exploding Cost and Complexity of Compliance in Data Security?
The regulatory landscape has been, and continues to become, more challenging to navigate with the introduction of privacy laws such as GDPR (introduced nearly six years ago), the California Consumer Privacy Act (CCPA), its more recent amendment CRPA, and many more to come in the remainder of 2024 and 2025. This adds complexity and costs to all businesses working with consumer data, and the mounting regulatory burden is palpable.
Are Organisations Keeping Up with the Pace of Innovation & Technology in Data Management?
Organisations face an uphill battle to keep pace with innovation and technology. Striking the delicate balance between implementing stringent security measures and enhancing customer and employee experiences is tough to get right.
Research conducted in both the UK and EU outlines the growing significance of privacy and personal data to the general public. A perceived lack of control over their personal data, alongside a growth in high-profile data breaches, contributes to a mounting sense of concern amongst consumers. However, research by Accenture found that 83% of consumers are willing to share their data to create a more personalised experience.
In addition, organisations cannot always access the data needed to innovate quickly enough to stay ahead of their competitors. Protegrity’s research found that only 2% of respondents had access to their sensitive and classified data in less than a week or fairly instantly. A delay in accessing this data can cost hundreds of millions of dollars in lost opportunity and stifles innovation for organisations.
Do Organisations Have a Sophisticated Data Protection & Monetisation Strategy?
With the advent of AI, commercial investments will undoubtedly start to focus on the enablement of this technology, and organisations will benefit from higher quality AI outputs from their better-quality data inputs. However, the data to power AI is sensitive and while it offers great benefits to organisations, particularly as it simplifies the process of reviewing large data sets to identify patterns and sequence data, there are also threats as bad actors will be able to analyse stolen data faster and more effectively.
Organisations must develop comprehensive strategies that not only safeguard their sensitive information but also leverage it effectively to drive innovation and competitive advantage.
In part two of this blog series, we will discuss how organisations can overcome these challenges to harness the full potential of their data and future-proof their business.
In the meantime, you can download our complete report “The State of Data Security”.