Every Data Breach Incident Has The Potential Of Causing Long-Term Reputational Damage

45% of Indian organizations cant analyze or categorize all the consumer data they store. With pressure mounting to ensureconsumer data is protected, Gemalto has recently released the results of a global study which reveals that two in three companies globally (65%) are unable to analyze all the data they collect and only half (54%) of companies know where all of their sensitive data is stored. Compoundingthis uncertainty, more than two-thirds of organizations (68%) admit they dont carry out all the procedures in line with data protection laws such as GDPR. In an exclusive conversation with Dataquest, Rana Gupta, Vice President of Asia Pacific, Gemalto Identitys and Data Protection business, talks about the latest report findings, what challenges the company is facing while handling data and ways to protect data. Excerpts:

Can you please brief us about the latest report findings – Businesses collect more data than they can handle?

Gemalto’s fifth annual Data Security Confidence Index explores the views of more than 1000 IT decision makers and 10,500 consumers worldwide whether organizations are confident in their ability to handle the large amounts of data they collect on a daily basis.

The research found that businesses’ ability to analyze the data they collect varies worldwide with India (55%) and Australia (47%) best at using the data they collect. More than two-thirds of organizations (68%) also admitted that they don’t carry out all the procedures in line with data protection laws such as GDPR.

Also, growing awareness of data breaches around GDPR has led to the majority (90%) of consumers believing

that it is important for organizations to comply with data regulations. In fact, over half (54%) consumers are now aware of what encryption is, showing an understanding of how their data should be protected.

Some of the india specific key findings as per the report: 45% of Indian organizations can’t analyze or

categorize all the consumer data they store 48% of IT professionals in India believe their

organizations are failing to carry out all procedures in line with data protection laws

Only 52% of Indian companies know where all of their sensitive data is stored

Only 57% of consumers are not aware of the term encryption, showing that they don’t have the understanding to protect their data

What challenges are businesses facing while handling data? and how can they handle their data or monetize them?