Over 70% of respondents expect to increase
spending in order to meet data sovereignty requirements, 30% expect
budgets to rise by more than 10% over the next two years
Intralinks® Holdings Inc. (NYSE:IL), a global
Software-as-a-Service (SaaS) provider of secure enterprise content
collaboration technology, today announces research that outlines
global data sovereignty concerns in an increasingly cloud-based
business environment. The research findings uncover data privacy
fears as well as how many businesses are unprepared for new
regulations. Only 44% of survey respondents currently monitor user
activities and provide alerts to data policy violations, and only
53% classify information to align with access controls.
“New data privacy laws are being enacted across the globe in an
effort to better protect citizen data, guard national security
interests and boost local economies,” said Ron Hovsepian, CEO of
Intralinks. “In this rush to update how personally identifiable
information is handled within each region, international business
strategies, practices, and processes are being called into
question, causing global confusion around data sovereignty.”
To explore the impact of evolving data privacy regulations and
data sovereignty, in Q3 2015 Intralinks commissioned Ovum to
conduct an international survey of 366 IT decision-makers.
Key findings include:
- Data privacy regulations are coming
directly into conflict with cloud, SaaS, and mobile computing
practices within enterprisesCloud computing is an established
part of the enterprise IT landscape, and adoption is expected to
continue to increase over the next decade. Information-intensive
business processes rely on SaaS, and this, coupled with a shift to
mobile computing platforms, means that controlling data location
and complying with privacy regulations has become extremely
challenging. Nevertheless, over the next three years, 78% of survey
respondents plan to use cloud and SaaS-based applications, even for
storing and sharing sensitive and regulated data.
- Business leaders are deeply
pessimistic about the potential consequences of new data privacy
regulationsOur survey shows that organizations are aware of
data privacy as an issue, but are struggling with how to respond.
When we asked about the pending European Union (EU) General Data
Protection Regulation (GDPR), 52% said they think it will result in
business fines for their company, and two-thirds expect it to force
changes in their European business strategy.
- The cost of regulatory compliance
will be substantial, but the cost of non-compliance will be
higherOver 70% of respondents expect to increase spending in
order to meet data sovereignty requirements, and over 30% expect
budgets to rise by more than 10% over the next two years. Of those
who plan to update data privacy strategies in the next three years,
38% plan to hire subject matter experts, and 27% will hire a chief
privacy officer.
- US-based organizations are
particularly vulnerableThe Snowden Effect is real. The US is
ranked as the least trusted country and the most likely to gain
unauthorized access to sensitive information among 20
industrialized economies, with China coming in second and Russia
third. New regulations will also put US companies at an even
greater disadvantage, with 63% of respondents believing that the
proposed EU GDPR will make it harder for US companies to compete,
and 70% thinking the new legislation will favor European-based
businesses.
- Most organizations aren’t
effectively using technology to address data privacy
concernsAlarmingly, many organizations aren’t taking advantage
of available technologies that protect sensitive data. Only 44% of
survey respondents monitor user activities and provide alerts to
data policy violations, and only 53% classify information to align
with access controls. Almost half (47%) have no policies or
controls that govern access to consumer-grade cloud storage and
file-sharing system.
- Global organizations need an
orchestrated approach to data sovereignty that covers people,
processes, and technologyBusiness leaders recognize they need
to take a balanced approach to address data sovereignty and data
privacy. When asked about investment strategies, 55% said they are
planning new training for employees, 51% will amend and adapt
policies, and 53% will prepare by adopting new technologies.
- Organizations face a patchwork of
contradictory and conflicting global privacy regulations, and need
technology options to address all eventualitiesThe data
sovereignty revolution threatens to create a Balkanized technology
landscape, with different jurisdictions imposing inconsistent and
often incompatible mandates for how personally identifiable
information is stored, processed, and shared. This is already
creating confusion and uncertainty, leaving fundamental questions
unanswered, such as how to interpret data location requirements.
Organizations need technology options that enable them to react to
a rapidly changing regulatory environment.
“Data privacy legislation will increasingly impact
internationally-operating enterprises and organizations will need
to adapt to emerging business, legal, and consumer requirements,"
said Alan Rodger, Senior Analyst at Ovum. “Immediate actions all
businesses should consider to ensure compliance include
establishing a data sovereignty strategy, conducting a risk
assessment, educating employees and verifying that all
cloud-vendors meet guidelines within each region.”
Get a free copy of the research report here:
https://www.intralinks.com/redtape
Methodology
In Q3 2015, Ovum was commissioned by Intralinks, a provider of
enterprise cloud content collaboration technology, to understand
the implications of data privacy regulations on global businesses.
A survey was conducted to explore the following questions:
- How are organizations preparing to deal
with data sovereignty?
- What will be the impact of new data
privacy regulations?
- How will organizations adapt their
business to meet new privacy obligations?
- What are the differences of opinion in
different countries and in different jurisdictions?
- What technology decisions will support
data privacy obligations?
- What are the best practices for
adapting to new regulatory regimes?
Ovum’s survey incorporates input from 366 respondents from
across the globe, within organizations of different sizes, in
various industries. The demographics were chosen deliberately to
include a variety of organization types and countries that are
being affected by data privacy regulations and data sovereignty
obligations.
About Ovum
Ovum is a leading global technology research and advisory firm.
Through its 180 analysts worldwide, it offers expert analysis and
strategic insight across the IT, telecoms, and media industries.
Founded in 1985, Ovum has one of the most experienced analyst teams
in the industry and is a respected source of guidance for
technology business leaders, CIOs, vendors, service providers, and
regulators looking for comprehensive, accurate, and insightful
market data, research, and consulting. With 23 offices across six
continents, Ovum offers a truly global perspective on technology
and media markets and provides thousands of clients with insight
including workflow tools, forecasts, surveys, market assessments,
technology audits, and opinion. In 2012, Ovum was jointly named
Global Analyst Firm of the Year by the IIAR.
Ovum is a division of Informa plc, one of the leading business
and academic publishing and event organizers globally,
headquartered in London. Informa is quoted on the London Stock
Exchange.
About Intralinks
Intralinks Holdings, Inc. (NYSE:IL) is a leading, global
technology provider of secure enterprise content collaboration
solutions. Through innovative Software-as-a-Service solutions,
Intralinks software is designed to enable the exchange and control
of information between organizations securely and compliantly when
working through the firewall. More than 3.1 million professionals
at 99% of the Fortune 1000 companies have depended on Intralinks'
experience. With a track record of enabling high-stakes
transactions and business collaborations valued at more than $28.1
trillion, Intralinks is a trusted provider of easy-to-use,
enterprise strength, cloud-based collaboration solutions. For more
information, visit www.intralinks.com.
Forward Looking Statements
The forward-looking statements contained in this press release
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are express or implied statements that are not based on
historical information and include, among other things, statements
concerning Intralinks’ plans, intentions, expectations,
projections, hopes, beliefs, objectives, goals and
strategies. These statements are neither promises nor
guarantees, but are subject to a variety of risks and
uncertainties, many of which are beyond our control and could cause
actual results to differ materially from those contemplated in
these forward-looking statements. Accordingly, there can be no
assurance that the results or commitments expressed, projected or
implied by any forward-looking statements will be achieved, and
readers are cautioned not to place undue reliance on any
forward-looking statements. The forward-looking statements in this
press release speak only as of the date hereof. As such,
Intralinks undertakes no obligation to update or revise the
information contained in this press release, whether as a result of
new information, future events or circumstances or otherwise. For a
detailed list of the factors and risks that could affect
Intralinks’ financial results, please refer to Intralinks Holdings,
Inc.’s public filings with the Securities and Exchange Commission
from time to time, including its Annual Report on Form 10-K for the
year-ended December 31, 2014 and subsequent quarterly reports.
Trademarks and Copyright
“Intralinks” and Intralinks’ stylized logo are the registered
trademarks of Intralinks, Inc. This press release may also refer to
trade names and trademarks of other organizations without reference
to their status as registered trademarks. © 2015 Intralinks,
Inc.
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version on businesswire.com: http://www.businesswire.com/news/home/20151208005272/en/
Intralinks Holdings, Inc.Media:Ian Bruce,
508-574-2016ibruce@intralinks.comorInvestors:Dean Ridlon,
617-607-3957dridlon@intralinks.com
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