As regulated companies are required to manage ever growing amounts of data, and regulators are imposing increasingly severe fines, how can firms ensure they comply with this greater scrutiny?
The International Data Corporation (IDC) has predicted that the world’s data will grow by 10 times by 2020. Alongside this increase, regulation is becoming stricter and more comprehensive with initiatives such as the EU’s General Data Protection Regulation (GDPR).
Regulators are taking a more assertive stance, launching more inquiries and imposing larger fines. One example of this was demonstrated by the Financial Conduct Authority which fined a large international bank just over £3million for failures in its systems and controls. In other cases of poor record keeping affecting major global financial services organisations, fines have ranged between £3million and £30million.
The stakes for firms have never been higher and that is why IG is no longer a matter principally for the IT department. Instead, it needs to involve senior stakeholders from legal, compliance, security, privacy and the lines of businesses.