Opportunity & Risk
Data is, however, a double-edged sword; as companies find greater utility and value in data, the risks and scrutiny around the management, storage and handling of data grow.
From a privacy perspective, our research suggests the risks around data are increasing. One in four organisations say they have lost revenue as a result of data privacy issues in the last 12 months. As a result, scrutiny is also increasing: one in three companies expect media security over their data privacy in the next 12 months.
With malign actors looking to capitalise upon the growing value of data, cyber-attacks are becoming an ever-increasing vulnerability. The average G20 firm has lost $3.4m from cyber-attacks over the past 12 months, whilst the regulatory risks surrounding cyber-attacks are also increasing.
As such, 81% of G20 companies agree that cybersecurity has risen up the board’s agenda – and with over half of G20 companies (52%) say they are taking proactive steps to manage data privacy risk, it is clear that the protection and preservation of data is becoming a key C-suite priority