As technology evolves, we are continuing to become reliant on mass amounts of data to forge ahead, but how is all that data managed and is it secure? What people in your company are managing all of this important data and do they have too much access?
The Growth of Data
The world’s information is doubling every 2 years with 1.8 Zettabytes in 2011 alone. Corporate data continues to grow at a rate of 60% per year.
In the corporate world, data is a big deal yet only 17% of companies use 75% or more of the data they collect. Despite this, 74% of companies feel that it is “extremely valuable” to achieve a competitive advantage.
Who Is Using This Data, and Do They Know How?
Companies may have a lot of data, but they struggle from poor organisation, a poor process for sharing and lack of effective policies to secure the data.
• In 60% of companies data is an executive level responsibility.
• Less than 20% of IT managers are responsible for their company’s data strategy.
• For 73% of companies, it makes a contribution to competitive intelligence.
• 59% of big businesses believe that improving corporate data sharing efforts and security have given them a competitive advantage.
Using loyalty card data (which has 16 million active members in Britain) took Tesco’s market share from 20% to 30% in one year.
The Victims of Big Data
While data can help a company gain great success, security is a major concern. In fact, 75% of companies have experienced a breach in the last 2 years! These breaches have made it harder for executives to use data to their advantage.
• 28% of executives feel that data is bottlenecked after a security breach.
• On average, a data breach costs a business £3.47 million.
• The business of managing and securing company data will grow from £252.7 million in 2012 to £631.67 million in 2016.
Secure Your Business Data
Securing your business data is a must, because data is going to continue to be a competitive backbone for companies around the world. The two main steps your company can take with regard to business data security are making sure your users understand security, and above all, the need to ensure that your hardware and applications are always up to date with the latest firmware and software patches and upgrades. Statistically, if you do this, you will be safe from more than 90% of external security attacks. If you start from a strong security foundation, then maintaining and improving that stance will be much easier. Where security is concerned, never hesitate to seek advice, whether from your colleagues, peers, publications or professionals.