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Almost all businesses expect to increase data security spend

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(Image credit: Shutterstock / whiteMocca)

This year, many organizations will attempt to enhance their ability to use secure data for AI and advanced analytics initiatives. As a result, they will be looking to invest heavily in data security, with cloud data security (67 percent), employee training (54 percent) and data security for SaaS environments (50 percent) the main priorities. 

These are the conclusions of the latest report from data security company Protegrity, which polled more than 600 executives in the US and found that more than 90% of businesses plan to increase data security spend this year. 

However, deploying new data-security technologies is a time-consuming effort, cited as a major roadblock for almost half (47 percent) of respondents. Others said they lack sufficient budget and in-house skills.

But these challenges are far outweighed by the benefits, motivating most organizations to push on. Improved customer experience is considered to be the number one benefit, as cited by 70 percent of the respondents, followed by reduced financial risks, reduced reputational business risk, as well as a greater ability to utilize secure data for AI and advanced analytics initiatives. 

To achieve faster analytics results at scale, businesses are turning to cloud technologies. Protegrity says nine in ten executives plan to increase cloud usage, or migrate new data to the cloud in the next twelve months.