New research reveals that 57% U.K. financial services sector senior executives say their organization is at risk of a data breach because data is mismanaged.
The research, released by data and analytics strategy consultancy Cynozure comes as the Bank of England released its annual Systemic Risk Survey which showed cyberattacks are the most cited risk to the U.K. financial system, ahead of inflation and geopolitical risks.
According to the research, financial services and insurance firms have been targeted for 28% of all cyberattacks in the UK over the last 12 months.
In addition, the research revealed there is a lack of understanding of data in many financial institutions with 21% of respondents stating they don’t know where data is held in the organization, while 35% said the data world is “too complex to understand”, and 31% stated there is a lack of data literacy in the business.
“94% of organizations say that using data effectively is central to running a successful business, but we’ve seen many lack the strategy, literacy, controls, and vision to generate that success,” said Jason Foster, CEO and Founder of Cynozure.
According to the report, a comprehensive data strategy and stringent data governance are important in the defense against data breaches, as well as educating employees about the importance of data, making them aware of the business’ overall data strategy, and who is responsible for managing it.