A recent study that Hitachi Data Systems organized, in partnership with The Economist Intelligence, "Preparing for next-generation cloud: Lessons learned and insights shared," revealed, among other details, that senior management were highly concerned with security and privacy of corporate data when choosing and implementing cloud services for their businesses.
In my opinion, that kind of fear is increasing due to the various instances of data violation and security breach reported recently around the world, by very large and important multinationals.
In addition to showing the world their vulnerabilities and providing private information of customers of those companies to hackers, what really grabs my attention on the subject is the same one that deprives thousands of executives around the world from proper sleep: the increase of data value. After all, what is the value of a single client’s data?
It is known that the financial sector companies store a huge amount of important and private data of its customers, individuals and companies. Even large corporations in the retail and telecommunications segments, for example, store customers’ private data. The American journalist and writer, Charles Duhigg, detailed how a few world giants of the retail industry use it to increase their business income and opportunities in his best-seller "The power of habit", a book I highly recommend to everyone.
Up until now, no regulations, global or regional, have been established to really deal with the consequences of security breaches and data loss. But it is hoped that strict rules of control and protection will be established soon, as well as substantial fines on companies that fail to comply.
Those regulations seem to be a direct response to the majority of concerns of IT executives around the globe, as well as of leading technology players, particularly those dealing with cloud solutions. About 47% of respondents in The Economist survey considered "customer data loss" the biggest risk to their organization, followed by loss of revenue (40%) and violation of customer privacy (36%).
For companies like Hitachi Data Systems, the top priorities today are: providing security to its customers, offering the most innovative solutions available in data protection; risk reduction in general; resource optimization, for this to be possible without substantial investment and, in many cases, preserving existing infrastructures. The goal is to get everyone to sleep peacefully, clients and executives alike, and have companies be recognized by the benefits they offer to their clients and not for the eventual risks they impose.
The study commissioned by Hitachi was conducted with more than 200 IT executives worldwide. Every detail, graphs and identified best practices that can help you make the most appropriate decision for your business, can be read in full, and free of charge, here.
See you next time!