Big Data policies lacking in ANZ organisations

Despite Big Data being an increasing area of focus, just 22% of New Zealand and Australian IT professionals are confident their enterprise has a policy regarding how it manages Big Data.

Recently released figures from ISACA’s 2013 IT Risk/Reward Barometer survey claims that instead, almost two-thirds (61%) of respondents said their company has no policy around Big Data – and a further 17% of Australasian IT professionals were unsure.

Additionally, just 5% of IT professionals say their enterprise is very prepared to ensure effective governance and privacy of Big Data. The majority, 45%, believe their organisation is “adequately prepared” and one-quarter (25%) said they are “not prepared at all.”

Yet, information is currency and enterprises must not only protect and manage it, but also use it to drive business value.

“While there has been an explosion in the data that organisations collect, the processes to manage, store and ensure the security of such information haven’t been as quick to keep up,” says Jo Stewart-Rattray, International director, ISACA.

“Australasian IT professionals need to ask the tough questions to make certain their enterprises are taking the necessary measures to ensure that governance issues and privacy related concerns are properly addressed, and their systems are as secure as possible.”

When asked what the biggest challenge their enterprise is facing with regards to Big Data, the most-cited reason from respondents in New Zealand and Australia was a lack of analytics capabilities or skills (28%).

The management and storage of large volumes of data came second, highlighted by 22% of respondents, while compliance requirements were noted by a further 14% of IT professionals.

“Companies in all industries and all geographies are struggling with massive volumes of data and increasingly complex compliance requirements,” adds Steven De Haes, chair of the publication’s development team.

“When governance structures and processes are in place, enterprises are much more equipped to handle these challenges.

“At many enterprises, information is spread across multiple isolated silos, repeated in redundant copies scattered throughout the company, and underutilised."

Conducted by ISACA, a global association of 110,000 IT security, assurance, governance and risk professionals, the IT Risk/Reward Barometer asked 2,013 IT professionals about the risks and rewards of key trends, including Big Data.