As compliance related fines escalate, there is a growing amount of visibility and overconfidence among companies on where their data lives and the processes in place to protect data.
Integris Software, the global leader in data privacy automation, recently released their “2019 Data Privacy Study” highlighting that businesses have an alarming uncertainty about where private data resides and few audits to assure compliance. Key findings show a broken system with outdated processes.
- Confidence is over-inflated. There is a growing overconfidence regarding data privacy management, as 40 percent were “very confident” in knowing where sensitive data resides, despite only taking inventory once a year or less.
- Data sources are fragmented and plentiful. Nearly 45 percent of respondents said they needed to access 50 or more data sources to get a defensible picture of where their sensitive data resides.
- Data tracking methods are outdated. Even though 40 percent of respondents had 50 or more data sharing agreements (like Facebook/Cambridge Analytica), 77 percent reported still using outdated methods such as manual spreadsheets to track and inventory personal information.
- Privacy management budget allocation is unclear. Although 80 percent had data privacy management budgets, only 11 percent cited that the majority of the budget resides in the privacy management department, and 10 percent said it wasn’t clearly defined
These survey results highlight the urgent need for companies to operationalize and automate their data privacy management programs to handle their mass volumes of private data and an increasingly diverse and complicated set of obligations
You can find the full report here: https://integris.io/wp-content/uploads/2019/04/Integris-Software-2019-Data-Privacy-Maturity-Study. I also included the press release below for your reference.
Source: Integris Software