Report: The cost and complexity of data compliance impedes innovation

New research from Protegrity shows that organizations are utilizing data to promote innovation and create new strategies. However, less than 2% of respondents can access sensitive data within a week’s time. This suggests that a majority of organizations cannot completely utilize stored data. Yet, data remains a key component in many business operations, with 92% of respondents stating that data drives innovation with a positive impact on the bottom line, and all respondents stating that data can improve the experiences of both customers and employees. 

According to the report, 37% of businesses must wait one to two months in order to access sensitive data. 32% report waiting as much as three to six months.

The research also finds that organizations are following data regulations and compliance expectations. 

  • 45% use data controls to secure data
  • 84% are either somewhat or entirely prepared to meet PCI compliance expectations. 
  • 90% say that corporate executives understand the importance of data compliance and other regulations surrounding data. 

Data privacy and compliance is seen as a priority for many businesses, as 96% plan to invest part of the organization’s budget into data security. 49% plan to invest as much as 15% of the organization’s budget.