A number of businesses have gotten into the habit of collecting lots of data, but in the set-up, the data they have actually compiled surpasses its importance.
According to a recent survey from Gemalto, amongst all of them 50% companies had no idea that where are they have saved their essential data.
The fifth annual Data Security Confidence Index surveyed 1,050 Information Technology decision makers and 10,500 consumers in all over the world, they are revealing that 46% of companies have no idea about where are they have stored their sensitive data and most of the companies are unable to locate at which place they are collecting their data.
As per the recent report, a majority of businesses are able to analyze that the data they have collected changes depending on the location.
For example, in India, 55% of businesses can easily know that where they have collected their essential data and in Australia, only 47% of companies are included in this.
The best ranks were received by India and Australia at using the data which they have collected. However, 89% of world famous companies declared that the analyzing of the data effectively provides them a competitive edge, only one in five Benelux (20%) and British (19%) companies cleared that they are effectively able to do this.
In all of the campaigns, two-thirds are reporting that they are not able to carry out all of the methods in line with data protection laws, recommending a decline in confidence when it comes to businesses securing customers’ data.
Jason Hart, the vice president and CTO for data protection at Gemalto says that if businesses are not able to get that how and where they are saving their essential data that means they understand the importance of it – and they do not understand that they won’t know how to apply the appropriate security controls to that data.
Know that although, it’s selling this sensitive data on the dark web and manipulating it for financial gain or to destroy reputations of business. No doubt, it is an actual fact that the unsecured information is a goldmine for the hackers.
At that place, you need to keep your eye at the recent hacks on the World Anti-Doping Agency and International Luge Federation to see the damage that can be already done. It’s enough no need for more, data manipulation can take years to discover, and with data informing everything from business strategy to sales and product development, its importance and integrity cannot be underestimated.