Privacera Survey Reveals the Need for Scalable Data Security Governance Strategies Will Increase Substantially Throughout 2023 and Beyond

• Nearly three-quarters of those surveyed said their need for a scalable DSG strategy will increase substantially over the next year
• In 2023 and beyond, over half of the respondents are planning to invest substantially more in DSG
• Approximately forty percent of those surveyed said they plan to increase their budgets by 16%- 30% this year

FREMONT, Calif., March 8, 2023 /PRNewswire/ -- Privacera, the only open-standards-based data security governance leader founded by the creators of Apache Ranger™, today released new research that highlights 2023 data security governance (DSG) trends and the ways organizations are planning to address challenges over the coming months.

A large number of respondents (74%) said their need for a scalable DSG strategy would increase substantially over the year, and so will their spending on DSG solutions - more than half (54%) of those surveyed plan on investing more in 2023 and beyond.

"While it is vital to build a strategy around how data is collected and consumed, there also need to be processes in place to support secure access," said Balaji Ganesan, CEO of Privacera. "Tackling data access to sensitive data is a vital piece of the puzzle when it comes to data governance. DSG helps streamline the process with workflows that route requests to the right people and grant access once approved, taking pressure off the data team, empowering data owners, and ensuring everything is monitored and governed."

Data Security Platform ownership and implementation: the current landscape
The study shows that data security governance management and implementation roles are shifting to support the competitive pressure companies feel to be more data-driven while remaining compliant to regulations and secure. Their evolving roles have put much of the responsibility on CIOs and CDAOs (68%), while a smaller percentage (18%) is on CISOs to manage these concerns. Concerning data security platform implementation, nearly half (43%) of respondents said the IT organization should own it while in comparison, others (29%) said the onus needs to be on the internal compliance and security teams.

These results convey the inherent complexities around data management. In hybrid and multi-cloud environments, company stakeholders need to reduce team friction and encourage data and security teams to work together to simplify and secure data access, security, and privacy for analytical workloads across an organization's data and analytical ecosystem.

Tackling today's most pressing business data challenges
Profound legal, financial, and reputational implications may result if businesses do not address data protection and governance regulations correctly. As such, companies need to strike a balance between data access provisioning and security. Doing so will help accelerate the time to insights from data and provide holistic data visibility, secure access, and compliant collaboration across the hybrid data estate.

The Privacera survey strongly reflects this modern evolution of data access requirements. A large majority of those surveyed (81%) said that protecting all data assets within the organization is their fundamental goal, followed by assessing risk level and implementing mitigation strategies (64%), and reducing time to insights/analytics through appropriate data access policies (58%).

For most organizations (75%), data assets are in the cloud, either with singular or multiple cloud providers. This creates a complexity that requires organizations to manage their data security more efficiently. 

Outlook for 2023
According to the survey, the majority of respondents (76%) shared that their organization is investing in processes and technologies that help automate data governance and broader compliance initiatives to stay ahead of regulatory requirements.

"Data governance not only reduces business risk but can also improve operational efficiency and drive business growth. For example, respondents shared that DSG is helping their organization with business goals such as revenue or customer growth, customer experience, and R&D/product innovation," added Ganesan.

To learn more about Privacera's Unified Platform for Data Security and Governance, watch this demo. To request a live demo, send us a request. 

Methodology
The study was fielded in January 2023, with a panel of 250 CIOs, CAOs, CDAOs, and CISOs, across various industries, in the United States. Respondents also varied by annual revenue of at least $500 million and up. 

About Privacera
Founded in 2016 by the creators of Apache Ranger™, Privacera's SaaS-based data security and access governance platform enables data and security teams to simplify data access, security, and privacy for data applications and analytical workloads. The Privacera platform supports compliance with regulations such as GDPR, CCPA, LGPD, and HIPAA. Privacera provides a unified view and control for securing sensitive data across multiple cloud services such as AWS, Azure, Databricks, GCP, Snowflake, and Starburst. The Privacera platform is utilized by Fortune 500 customers across finance, insurance, life sciences, retail, media, and consumer industries, as well as government agencies to automate sensitive data discovery, mask sensitive data, and manage high-fidelity policies at petabyte scale on-premises and in the cloud.

SOURCE Privacera