Financial services are struggling to secure data, says Claranet
05 March 2018 London
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Financial services organisations are still struggling to secure data effectively, according to research firm Claranet.
The research reveals that 69 percent of businesses are lacking in terms of proper data management, casting doubt on their ability to comply with the General Data Protection Regulation (GDPR), which will be implemented in May 2018.
The survey, which was conducted by Vanson Bourne, surveyed 750 IT decision-makers who identified that security is an area that many are struggling with.
Some 69 percent of respondents stated that they were not able to secure customer data effectively, with almost half (45 percent) encountering challenges around securing customer details when trying to improve the digital user experience for customers.
According to Claranet, this points to a “distinct lack of capability when it comes to managing security in a reliable manner”.
Claranet’s research also found that IT teams are struggling to acquire the skills and expertise that are necessary for addressing this.
The research revealed that 57 percent of respondents identified security as one of the biggest challenges facing their organisation’s IT department, while 63 percent stated that their security procedures and requirements hold back their ability to innovate.
To address these issues, Claranet reported that some 55 percent of businesses in financial services are expecting to increase their IT budget across the entire organisation by at least 5 percent next year.
Commenting on the findings, Michel Robert, Claranet’s UK managing director, said: “The GDPR is on our doorstep, but it is clear that many organisations have their work cut out if they are to comply with the regulation.”
“Thinking more broadly, the fact that almost seven in ten organisations can’t guarantee the security of their customer data is particularly concerning.”
He added: “Part of the problem derives from the fact that most internal IT teams don’t have the skills, expertise or the time to keep up with the rapidly changing threat landscape as it’s not their core area of focus. Our research has shown that organisations are very much aware of this problem, but also that they are still some way away from solving it.”
“It’s important to recognise that much still needs be done in terms of increasing cybersecurity capabilities at a pace rapid enough to ensure GDPR readiness and overall preparedness.”
The research reveals that 69 percent of businesses are lacking in terms of proper data management, casting doubt on their ability to comply with the General Data Protection Regulation (GDPR), which will be implemented in May 2018.
The survey, which was conducted by Vanson Bourne, surveyed 750 IT decision-makers who identified that security is an area that many are struggling with.
Some 69 percent of respondents stated that they were not able to secure customer data effectively, with almost half (45 percent) encountering challenges around securing customer details when trying to improve the digital user experience for customers.
According to Claranet, this points to a “distinct lack of capability when it comes to managing security in a reliable manner”.
Claranet’s research also found that IT teams are struggling to acquire the skills and expertise that are necessary for addressing this.
The research revealed that 57 percent of respondents identified security as one of the biggest challenges facing their organisation’s IT department, while 63 percent stated that their security procedures and requirements hold back their ability to innovate.
To address these issues, Claranet reported that some 55 percent of businesses in financial services are expecting to increase their IT budget across the entire organisation by at least 5 percent next year.
Commenting on the findings, Michel Robert, Claranet’s UK managing director, said: “The GDPR is on our doorstep, but it is clear that many organisations have their work cut out if they are to comply with the regulation.”
“Thinking more broadly, the fact that almost seven in ten organisations can’t guarantee the security of their customer data is particularly concerning.”
He added: “Part of the problem derives from the fact that most internal IT teams don’t have the skills, expertise or the time to keep up with the rapidly changing threat landscape as it’s not their core area of focus. Our research has shown that organisations are very much aware of this problem, but also that they are still some way away from solving it.”
“It’s important to recognise that much still needs be done in terms of increasing cybersecurity capabilities at a pace rapid enough to ensure GDPR readiness and overall preparedness.”
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