Most organizations aren't sure where their data is stored
The modern IT landscape means that information can be stored across a number of platforms and locations. It's perhaps not surprising then that only 47 percent of organizations know where their data is stored at all times according to a new study.
The survey by McAfee of 800 business decision makers looks at how enterprises are looking after their data in the light of legislation including GDPR.
The findings reveal that nearly half (48 percent) of organizations surveyed will migrate their data to a new location because of regulations like GDPR. A similar amount will migrate their data because of changing geo-politics or the approach to relevant policies in the United States. 70 percent of respondents believe the implementation of GDPR will make Europe a world leader in data protection, however, the United States remains the most popular data storage destination, preferred by nearly half of all organizations surveyed.
In addition to a majority being unsure where their data is stored, only two percent of management really understand the laws that apply to their organizations. While a majority of respondents (54 percent) believe their organization has a complete understanding of the data protection regulations that apply to them, just two percent of senior decision-makers know all the clauses of regulations that apply to their organizations.
They are, however, aware that data protection can deliver a commercial advantage, 74 percent of respondents believe enterprises that properly apply data protection laws will attract new customers.
"It's critical that businesses do everything they can to protect one of the world's most valuable assets: data," said Raj Samani, Chief Scientist and Fellow at McAfee. "The good news is that businesses are finding that stricter data protection regulations benefit both consumers and their bottom line. However, many have short-term barriers to overcome to become compliant, for example, to reduce the time it takes to report a breach."
You can find out more in the full report available from the McAfee website, and there's a summary of the findings in the infographic below.