Data Security Trends: 2024 Report Analysis

Data Security Trends: 2024 Report Analysis
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Mon, 03/25/2024 – 05:08

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Amid ongoing economic uncertainty and a progressively complex threat landscape, businesses are trying to navigate increasingly stringent regulatory requirements while bolstering their security posture.

The 2024 Thales Global Data Threat Report, conducted by S&P Global Market Intelligence, which surveyed almost 3,000 respondents from 18 countries and 37 industries, revealed how decision-makers navigate new threats while trying to overcome old challenges. The report explores their experiences, hurdles, approaches, and achievements and offers insights into the security implications of new technologies and the organizational adaptations necessary for future success.

Compliance and Residency Are Key

The study revealed that although risk is volatile and cyber regulations constantly change, nearly half (43%) of businesses did not pass a compliance audit in the past year. Among those failing audits, 31% suffered a breach in the same period, compared to a mere 3% among compliant businesses. This highlights a significant link between compliance adherence and data security.

Challenges also persist in managing operational complexity, leading to data-related issues. A substantial number of organizations struggle to identify and classify their at-risk systems, applications, and data, with only a third (33%) achieving full classification. Alarmingly, 16% admitted to hardly classifying any of their data.

The rampancy of multi-cloud usage across services, along with evolving global data privacy regulations, has underscored the importance of data sovereignty for businesses. According to the report, 28% of respondents consider mandatory external key management as the primary method to achieve sovereignty.

A Matter of Trust

The Report also revealed that most customers (89%) are willing to share their data with organizations, but this willingness comes with certain non-negotiable conditions. Nearly nine out of ten (87%) expect some level of privacy rights from the companies they engage with online. In addition to these high consumer privacy expectations, respondents highlighted that many customers access their organization’s internal systems or assets. They indicated that up to 16% of those accessing corpor

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