Do organisations fully understand the importance of safeguarding data?
A report from ABI Research suggests the message is getting through to business leaders.
With firms worried about the prospect of financial penalties and reputational damage should they suffer a data management breach, more are taking the steps necessary to safeguard their information.
ABI Research notes that the number of online attacks directed against enterprises has grown both in numbers and sophistication over the past decade. It warns that breaches are "inevitable" if organisations fail to put the necessary defences in place.
In 2013, more than 800 million records were exposed as a result of data breach incidents, the analyst noted. Large organisations including eBay, Facebook, Gmail, YouTube, Twitter and LinkedIn have all reported major attacks in the past few months.
This is why organisations are investing more in data loss prevention solutions. According to ABI Research's latest prediction, this growing market will be worth $1.7 billion (£1 billion) by the end of 2014.
Decision makers now appreciate that cutting corners on data management is a false economy. It may cost a little to put the necessary data safeguards in place, but this could be just a fraction of the cost should something go wrong.
Monolina Sen, ABI Research’s senior analyst in cybersecurity, claimed that effective data protection strategies require solutions that protect data across databases, applications, networks, and endpoint devices. She noted that data loss prevention tools do just that.
“If implemented carefully, data loss prevention solutions can mitigate data loss risks, comply with government regulations, and protect customer privacy," Ms Sen stated.