Report: The high costs and complexities of data compliance hinder innovation
New research from Protegrity reveals that organizations are leveraging data for innovation and strategy development. However, less than 2% of respondents can access sensitive data within a week, indicating a significant challenge in fully utilizing stored data. Despite this, data remains integral to business operations, with 92% reporting that data drives innovation, positively impacting the bottom line, and all respondents agreeing it enhances customer and employee experiences.
The report shows that 37% of businesses wait one to two months to access sensitive data, while 32% wait three to six months.
The study also highlights organizations’ commitment to data regulations and compliance:
- 45% implement data controls for data security.
- 84% are prepared to meet PCI compliance expectations to some extent.
- 90% acknowledge that corporate executives value data compliance and regulatory adherence.
Many businesses prioritize data privacy and compliance, with 96% planning to invest in data security. Nearly half (49%) intend to allocate up to 15% of the organization’s budget towards this effort.
