70 percent of Fortune 500 Companies find it difficult to ensure privacy and security of sensitive data
FREMONT, Calif., May 11, 2021 — A new survey commissioned by Privacera, the cloud data governance and security leader founded by the creators of Apache Ranger™ and conducted by Lead to Market, reveals that digital transformation is driving multi-cloud migrations, as nearly all organizations (85 percent) use at least two cloud providers for data storage and analytics, while 40 percent use five or more. GDPR, CCPA, and other privacy regulations are making cloud migration and analytics difficult, as 7 out of 10 said the effort has become more complex. Comprised of 100 executives from Fortune 500 companies, the survey found businesses are experiencing a conflict between a data scientist’s need for quick data access and IT’s need to ensure data security and privacy, as 58 percent felt that access restrictions were impacting the productivity of their analytic teams.
Fortune 500 Companies find it difficult to ensure privacy and security of sensitive data according to new Privacera survey. GDPR, CCPA, and other privacy regulations are making cloud migration and analytics difficult, as 7 out of 10 said the effort has become more complex.
Managing data security and privacy has become a corporate imperative, as organizations look to avoid data breaches and the misuse of personally identifiable information (PII) that can cost millions of dollars in fines and irreparable damage to brand. Worldwide privacy regulations are creating the need for businesses to not only manage data, but to make it pseudonymized, easy for end-users to erase, and auditable both in terms of location and usage. However, securing sensitive data across cloud-based repositories is difficult, as 70 percent said managing access in compliance with external or internal governance policies was hard — even after it was identified and classified. Worse, 4 out of 5 (81 percent) were not confident that a request from a past customer to delete all information could be executed when stored in multiple cloud services.
The rise in digital transformation and the trend to migrate and manage data across multiple cloud providers is forcing organizations to think about how they are controlling access to sensitive information. Data access control is a common choice for managing data governance and compliance, but what’s in place today may not be the ideal solution tomorrow. In fact, 70 percent said they would require automated solutions for data governance and access control in the next 1-3 years.
“Consumers are demanding increased privacy of their digital data, and the survey illuminates the need for a holistic approach to cloud data access and management. Privacera addresses the problem of maintaining the privacy of personally identifiable information while enabling enterprises around the world to access and analyze data to maximize business insights,” said Balaji Ganesan, Co-Founder and CEO of Privacera.
Lead to Market conducted telephone interviews with executives from Fortune 500 companies in Q1 2021 to get their insights on cloud, data security, and access control. Users from various industries, roles, and regions participated. To learn more click here.
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Privacera’s SaaS-based data security and governance platform enables analytics teams to access data without compromising compliance with regulations such as GDPR, CCPA, LGPD, and HIPAA. Privacera provides a single pane of glass for securing sensitive data across multiple cloud services such as AWS, Azure, Databricks, GCP, Starburst and Snowflake. Privacera’s platform is utilized by Fortune 500 customers across finance, insurance, life sciences, retail, media, consumer industries and federal agencies/government to automate sensitive data discovery and easily manage high-fidelity policy management at petabyte scale on-prem and in the cloud. Headquartered in Fremont, California, Privacera was founded in 2016 by the creators of Apache Ranger™. Visit www.privacera.com or follow @Privacera on Twitter or LinkedIn.