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Companies collect valuable personal data, but often how they keep it and protect it is not adequate enough—even though security breaches can have catastrophic results.
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Accenture research outlines the current state of data security and reveals how to turn data protection into a distinctive capability that supports high performance.
Watch the video: Accenture Study Reveals That the Perception of Data Security Is at Odds with Reality
Listen to Alastair MacWillson, global security lead, explain how Accenture’s research outlines the state of data security and reveals how to turn data protection into a distinctive capability that supports high performance.
Download the full article: Embedding Data Privacy into High Performance Businesses and Governments in Australia. [PDF, 1MB]
Personal data has become one of an organization’s most important assets—especially in a global economy in which customers are an important key to high performance. However, technology advancements (especially cloud computing, the consumerization of IT and mobility), new business models and increasingly sophisticated and globally interconnected business processes have outpaced not only regulations designed to protect data privacy but also in many cases, organizations’ ability to do so.
Security breaches have increased and research shows that they cause bottom-line costs as well as fines—an average fall in stock value of 5 percent for publicly held companies and serious damage to their reputations.
Given the seriousness of this issue, Accenture conducted a study to determine data protection practices around the world. This research involved two global surveys of more than 5,000 business leaders and 15,000 consumers.
Based on an analysis of survey data, Accenture drew five conclusions:
This research, combined with Accenture’s extensive experience with leading companies, suggests three actions:
Organizations that integrate these practices into their approach to data privacy and protection could experience lower fines and penalties; consistent data protection no matter where sensitive data is generated, stored, accessed or used; and a brand image that conveys trust and, in turn, helps attract and retain customers.
Most important, a superior approach to safeguarding sensitive data—one that positions data protection and privacy as a core corporate value—can be a distinctive capability that can help drive high performance in a dynamic and unpredictable global economy.
Contact us to find out how Accenture can help you turn data protection into a distinctive capability that enables high performance.
December 16, 2009
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