New data privacy regulations concern EU businesses, study shows
By Puja Sharma
Despite over half (52%) of businesses believing they wouldn’t survive without relevant, up-to-date, and compliant data, over two-fifths (44%) are concerned that they will be unable to protect theirs in the future. Moreover, over half of the study’s respondents (52%) expressed concern that their reliance on data is making them increasingly vulnerable to cyber-attacks, the findings, published in Dun & Bradstreet’s Future of Data report which surveyed 1,700 business decision-makers across the EU, revealed that.
Two-thirds of businesses believe the importance of data has increased for their organisation when monitoring supply chains (62%) and two-thirds (65%) believe that it has become more important when assessing risk since the pandemic began. This is particularly important, with the European Union forecasting there will be four times more software supply chain attacks in 2021 than there were in 2020, as cybercriminals shift to larger, cross-border targets.
“The past two years have shown us that access to reliable and timely data is crucial to the survival of businesses – but protecting this data and successfully using it to mitigate risks in the supply chain and complying with a new regulation must be at the forefront of every leader’s data-driven strategy,” said Nicola Howell, Managing Attorney, Legal at Dun & Bradstreet UKI and Europe. “Many of these issues can appear daunting to businesses that lack the expertise and resource to protect and best utilise their data, but leaders must incorporate the potential vulnerabilities into their planning today, to better manage these risks for the future.”
Investing in a data strategy and expertise
To ensure that it is adequately protected, businesses must invest in their data strategy; however, almost half (47%) feel their company is rushing it. Despite these concerns, organizations want to do the right thing – and a half (49%) are anxious about the ethical use of it in the future.
Howell added: “Despite its many advantages, a greater reliance on data and associated risks are weighing on the minds of many leaders. Creating strategies that enable both the use and protection of data is a challenging undertaking, and it’s worth remembering that this isn’t a simple tick box exercise.
According to respondents, drawing on more third-party data could enable their organisation to both help current customers (62%) and win more business (60%). One solution that businesses are turning to is obtaining external support to help improve their quality, and protection and to ensure that their strategy is watertight.
A further two-thirds believe that having more complete and more accurate data (66%) would help the sales team to convert more opportunities, delivering clear benefits for the business. External support can also help businesses to make the best use of it – and two-thirds of firms would value more advice (67%).
“When considering the challenge, we need to adopt the mindset of continuous improvement – and acknowledge that every organisation is on a journey with data. As businesses become more mature in their use, there are extra complexities to consider: provenance, consumer permissions, regulations, and their responsibilities when customers consume it. Turning to a trusted partner can be hugely valuable, enabling organisations to focus on what they do best and remain compliant.” Howell noted.
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