ATLANTA, Dec. 1, 2016 /PRNewswire/ -- Despite the explosion in data collection among companies in every sector and the well-documented risks of cyber threats, a new survey of nearly 500 U.S. C-level executives and senior-level managers reveals that nearly half are unsure which information security and privacy regulations apply to their organizations.
This troubling statistic uncovered in the 2016 State of Compliance survey conducted by Liaison Technologies, a recognized leader in cloud-based integration and data management solutions, suggests that U.S. organizations may still have a long way to go in getting a handle on the privacy and security regulations affecting their industries, even as breaches and their resulting financial impacts become more prevalent and expensive. "As leaders in the compliance domain we thought it was important to share our findings on how U.S. companies perceive their regulatory obligations—and examine ways to help improve their compliance postures," said Hmong Vang, Chief Trust Officer with Liaison. "What we found was rather concerning and further evidence of the strong need for comprehensive solutions that can help organizations maintain continuous compliance when handling regulated or other sensitive data, whether the data resides on premises or in the cloud." The survey and accompanying infographic reveal that many organizations could be failing their customers or unnecessarily putting data at risk by underestimating the importance—and ongoing effort—of maintaining compliance. Some 25 percent of respondents say it's unclear who in their organization is responsible for compliance and barely half consider their data to be secure in the cloud, raising questions about how high of a priority data protection is, despite well-publicized data breaches. Personal liability may be vastly underestimated as well with 85 percent of respondents indicating they do not feel their job security is at risk due to compliance issues. In contrast, the U.S. Department of Health & Human Services alone has investigated more than 24,000 cases of HIPAA privacy violations, forcing violators to pay settlements totaling nearly $4 million and referring some cases to the Department of Justice for criminal investigation—a risk that far exceeds job security. "It's clear that organizations need help navigating the complex waters of information security and privacy compliance," Vang said. "Our cloud-based integration platform ALLOY reduces compliance burden and complexity by inherently providing stringent cross industry compliance for all information it processes and stores, regardless of data type or industry."