A recent survey conducted by Gartner revealed that the majority of leaders in the field of Security & Risk Management (SRM) are struggling to strike a balance between data protection and supporting business needs. According to the survey, 35 percent of respondents prioritize data protection, while 21 percent focus more on utilizing data for business objectives.
Only 14 percent of respondents seem to be successful in effectively managing both aspects – securing the company’s data and allowing for its use to achieve business goals. The study interviewed 318 senior security executives from various industries and sizes of companies worldwide between June and August last year.
The findings of the survey raise concerns about the vulnerability of many organizations to cyber threats, regulatory penalties, and operational inefficiencies due to the limited number of SRM leaders who can effectively protect data while supporting business objectives. Nathan Parks, Senior Specialist Research at Gartner, highlighted the risks posed by this imbalance, stating that it could weaken a company’s competitive advantage and jeopardize stakeholder trust in the long run.
Parks emphasized the importance of finding a harmonious equilibrium between data security and business support in order to mitigate these risks. He noted that organizations that fail to achieve this balance are at a greater risk of suffering significant consequences, such as cyber-attacks, regulatory fines, and operational disruptions.
The struggle to find the right balance between data protection and business support is a common challenge faced by many organizations today. As companies increasingly rely on data to drive decision-making and innovation, the importance of safeguarding this data from threats while also leveraging its potential for business growth has become paramount.
Effective risk management strategies that address both data security and business objectives are crucial for organizations to stay competitive and resilient in today’s digital landscape. By prioritizing both aspects of SRM, companies can enhance their cybersecurity posture, minimize potential risks, and build trust with their stakeholders.
In conclusion, the survey results underscore the significance of achieving a harmonious balance between data protection and business support in order to safeguard the organization’s assets, maintain regulatory compliance, and foster sustainable growth. As organizations continue to navigate the evolving landscape of cybersecurity threats and business challenges, finding this equilibrium will be essential for long-term success and resilience.