Digital transformation and data security – do they go hand-in-hand?

On Tuesday, the 2019 Thales Data Threat Report was released. A total of 1200 IT experts were surveyed and the results suggest that even though digital transformation is in full swing, in many cases, cybersecurity is still lagging behind.

In concrete terms, companies are adopting the following technologies:

– AI

– Mobile payments

– Big data

– Cloud services

– Edge computing

– Analytics

This allows them to seize new business opportunities, offer more convenient payment methods, and the list goes on. Interestingly enough, despite rapidly moving to a digital tomorrow, cybersecurity still doesn’t rank that high on the priority list. In fact, less than 30% of respondents say that encryption is part of the strategy to protect their data from falling into the wrong hands.

Of respondents, 28% are risking a breach by not adhering to the latest security standards. In terms of technology that’s in use, however, things are looking brighter, with 42% of them using IoT, 47% using container technology, and 45% using big data.

Moreover, 9 out of 10 are saying that moving to the cloud is a part of the plan. With 44% of executives admitting they’re facing challenges when implementing data security measures, these go far beyond staffing or budget-related issues. Reportedly, environmental complexity is to blame.

Despite the alarming frequency of how often we hear news of data breaches, most corporations only allocate 6 – 15% of their security budget towards data security – this is 0.6 – 3% of the overall IT budget.