Report: The cost and complexity of data compliance impedes innovation
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New research from Protegrity shows that organizations are utilizing data to promote innovation and create new strategies. However, less than 2% of respondents can access sensitive data within a week’s time. This suggests that a majority of organizations cannot completely utilize stored data. Yet, data remains a key component in many business operations, with 92% of respondents stating that data drives innovation with a positive impact on the bottom line, and all respondents stating that data can improve the experiences of both customers and employees.
According to the report, 37% of businesses must wait one to two months in order to access sensitive data. 32% report waiting as much as three to six months.
The research also finds that organizations are following data regulations and compliance expectations.
- 45% use data controls to secure data.
- 84% are either somewhat or entirely prepared to meet PCI compliance expectations.
- 90% say that corporate executives understand the importance of data compliance and other regulations surrounding data.
Data privacy and compliance is seen as a priority for many businesses, as 96% plan to invest part of the organization’s budget into data security. 49% plan to invest as much as 15% of the organization’s budget.
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