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Many companies still don't feel comfortable handling customer data

(Image credit: Image Credit: Pitney Bowes Software)

For a company to be considered ‘master of its data’, it needs to be able to do four things: manage, secure, gain insights and use the data responsibly. A large majority of organisations in the EMEA region aren’t confident they can do that properly.

This is according to a new report from Oracle which sheds light on a couple of important points. Almost half of organisations don’t have a data management strategy set up, while just a third (35 per cent) are confident they can manage data and generate ‘meaningful insights’.

Key departments are still not considered both accountable and responsible for data management, while data security protocols remain ignored, or misunderstood. The report claims that almost half of all finance and IT decision makers believe they are accountable for data security, while among marketing and HR (which usually use this data), just a third feels the same way.

“We know that being able to leverage data gives immense business benefit and a lead that others find hard to diminish,” said Andrew Sutherland, Senior Vice President, Technology and Systems, Oracle APAC and EMEA.

“But these findings suggest that organisations are still being overwhelmed by the data deluge faced. Companies need to tackle the problem head on. This will come from better internal practices and putting data management strategies and enhanced security controls in place.  Additionally, the prudent use of cloud and emerging technologies like AI and automation will also be key as we hit that tipping point where the data and security challenge is becoming just too big for humans alone.”

The biggest fears about data security within organisations is low attention to data confidentiality, together with weak data access controls. There are also issues with how data is handled through mobile devices and social platforms.