Study finds Data Loss has affected 39% of Financial Organisations

A recent study released by Informatica, a world leading data integration specialist, states that 39% of financial organisations have experienced data loss or theft.
Of those firms affected, 87% said that it had a serious impact on their business and their operations. When it comes to protecting customer data, of the all the firms researched, 74 % admitted to having very little confidence in their company’s ability to protect this vital information.

Informatica’ s Senior Vice President, John Poulter, states

“There appears to be an overwhelming lack of confidence from IT professionals that their organisations have the right measures in place to ensure that customer data remains protected and the business remains out of the firing line from industry regulators. To avoid the sting of a hefty fine from bodies such as the FSA, it’s essential that organisations clearly define their data management strategy, implement best practice and are observant when it comes to making sure that the same level of data management quality is delivered across the business at all times, whether as a part of live customer services, or in the development stages of new ones.”

The research follows the report this week from Ovum who state that IT managers aren’t up taking data loss prevention (DLP) solutions. This, Ovum state, is due to the perceived notion by some IT professionals that DLP solutions are complex and offer no immediate return on investment. So despite the worry of a breach, the fines and damage to reputation that follows, many firms it would seem only see the value of a DLP solution after the data breach has occurred.

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