A ‘significant number’ of organisations have not achieved compliance with data privacy and security regulations according to a recent study.
The survey was conducted by Liaison Technologies, a cloud-based integration and data management solutions provider, in partnership with analyst firm Aberdeen.
Titled “Enterprise Data in 2018: The State of Privacy and Security Compliance, the survey showed that large number of organisations have not achieved compliance across 11 common regulations and frameworks for data privacy and security.
On average only 61 percent of organisations had achieved compliance with regulatory frameworks such as SOC2, PCI DSS, 21 CFR Part 11, HIPAA, other regulations pertaining to personal health information (PHI) and GDPR.
With a lack of compliance with regulations increasing the risk of unauthorised access to data, fifty-eight percent of survey respondents said that their enterprises had experienced at least one data breach in the past 12 months.
While seventy-five percent reported at least one data non-compliance issue in the last 12 months.
Derek Brink, vice president and research fellow in Information Security and IT GRC at Aberdeen, said: “compliance with data privacy and security regulations is a work in progress.
“Year-over-year trending in key aspects of privacy and security compliance for enterprise data shows growth in complexity, cost, and unfavorable business impact, yet somehow, respondents are still optimistic. Given the consequences, the current state of privacy and security compliance for enterprise data raises a legitimate strategic question for organizations: ‘Why are we doing this ourselves?'”
The report concludes that many organizations should consider using a third-party solution provider for integrating and managing data and data-related processes.
Liaison’s ALLOY Platform, which includes both integration and data management capabilities, aims to reduce data integration complexity, eliminate data silos and meet or exceed compliance standards on a single platform. The company offers integration and management of data as managed services, ensuring that compliance is maintained beyond the platform.
In May, Liaison Technologies exceeded GDPR compliance standards. The Liaison ALLOY Platform surpasses compliance standards outlined in the European Union’s (EU) new General Data Protection Regulation (GDPR) rules that take effect on May 25, according to the company.
ALLOY claims to allow users to protect personal data, gather consent to share data from EU customers, and enable customers to gain access to and erase their personal data as required by GDPR rules.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
