This legacy of corporations' appetite for data
is not worth the risk, leaders say, emphasizing the need to find,
secure and redact records
CHICAGO and NEW
YORK, Oct. 6, 2022 /PRNewswire/ -- Dark data
represents the biggest potential cybersecurity exposure for U.S.
and U.K. businesses, according to a special cybersecurity edition
of the DealMaker Meter report, "Understanding Risk: The Dark Side
of Data," from Donnelley Financial Solutions (NYSE: DFIN), a
leading risk and compliance company. Defined as data that a company
has collected but no longer needs — ranging from outdated customer
information to old employee records — dark data is often forgotten
and unprotected by corporations, creating substantial liabilities
as well as tempting targets for cyber criminals.
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The rise in dark data has accompanied corporations' increased
interest in accumulating a wide variety of data sets (often called
Big Data), which can be used to improve marketing, product
development, customer service and a host of other activities. Dark
data can be unstructured, sensitive, personal, regulated,
vulnerable or high-risk information an organization has collected
and stored over time.
Nearly seven of 10 enterprise leaders surveyed said data storage
presents more risk than value. But while 33 percent of senior
leaders and IT personnel are aware of the risks of dark data, 18
percent of others within organizations are less knowledgeable.
In addition to worrying about managing dark data, 96 percent of
executives are concerned about data fraud and 95 percent are
worried data breach incidents will increase over the next two
years. Rightfully so, given more than half have experienced an
incident this year and others indicated they had more than five
data breaches and/or data fraud incidents this past year.
One key takeaway from the report is that IT departments should
deploy technologies to better find, secure and redact dark
data.
Other key findings include:
- Preparing for Tomorrow: Company leaders are focused
on improving how their companies protect sensitive data, with 77
percent enacting new policies and processes, 72
percent increasing reporting measures and 75
percent investing in partners and software and
solutions.
- Technology First: To enhance protection, more than 83
percent indicated they would choose new technology tools over
adding more team members, the choice of just 17 percent.
Containing insights from a blue-ribbon panel of finance, legal,
HR and IT professionals at large public and private companies in
the U.S. and U.K., the special fall edition of the DealMaker Meter
is an online tool that provides a snapshot of cybersecurity and
dark data concerns. It is designed to help business decision-makers
better understand key topics impacting their industry and the world
around them.
"This report shows that the appetite for Big Data within
corporations has a cost," said Dannie
Combs, Chief Information Security Officer at DFIN. "Our
clients are increasingly turning to us to help mitigate the risks
associated with dark data. We are seeing an influx of requests from
companies to leverage virtual data rooms as corporate repositories
to store, secure and manage data across departments including
finance, legal, HR and R&D. Our Data Protect software is
used globally by clients to cost-effectively find and redact dark
data across disparate IT systems."
This special fall edition of the DealMaker Meter, "Understanding
Risk: The Dark Side of Data," is available for download on the DFIN
website here.
About Donnelley Financial
Solutions (DFIN)
DFIN is a leading global risk and compliance solutions company.
We provide domain expertise, enterprise software and data analytics
for every stage of our clients' business and investment lifecycles.
Markets fluctuate, regulations evolve, technology advances, and
through it all, DFIN delivers confidence with the right solutions
in moments that matter. Learn about DFIN's end-to-end risk and
compliance solutions online at DFINsolutions.com or you can also
follow us on Twitter @DFINSolutions or on LinkedIn.
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SOURCE Donnelley Financial Solutions