Almost two-thirds of Australian IT companies have no Big Data policy, while just five per cent of IT professionals are 'very prepared' to ensure effective governance of data.
That's according to the latest Information Systems Audit and Control Association poll, which was based on the responses of 64 Australian and New Zealand IT professionals.
Despite Big Data being an increased area of focus, just 22 per cent of A/NZ IT professionals said they were confident their business had a policy regarding how it managed Big Data, 61 per cent said their company had no policy, and a further 17 per cent were unsure.
Conducted by ISACA, a global association of 110,000 IT security, assurance, governance and risk professionals, the IT Risk/Reward Barometer asked 2,013 IT professionals about the risks and rewards of key trends, including Big Data.
Big Data refers to the exponentially growing bytes of information that are created and collected in today's digital world, often with data sets so large they require specialist software tools to capture, store, manage and analyse the data. ISACA international director, Jo Stewart-Rattray, said while there has been an explosion in the data organisation collect , the processes to manage, store and ensure the security of such information haven't been as quick to keep up. "Australian and New Zealand IT professionals need to ask the tough questions to make certain their enterprises are taking the necessary measures to ensure that governance issues and privacy related concerns are properly addressed, and their systems are as secure as possible," he said. He said the most-cited reason from Australian and New Zealand respondents, with regard to action on Big Data, was a lack of analytics capabilities or skills (28 per cent).
The management and storage of large volumes of data came second, highlighted by 22 per cent of respondents. Compliance requirements were noted by a further 14 per cent of IT professionals. To help enterprises meet these challenges, ISACA has released a new guide based on the COBIT 5 business framework. Chair of the publication's development team, Steven De Haes said companies in all industries and geographies were struggling with immense volumes of data and complex compliance requirements.
"When governance structures and processes are in place, enterprises are much more equipped to handle these challenges," he said. "At many enterprises, information is spread across multiple isolated silos, repeated in redundant copies scattered throughout the company, and underutilised.
"ISACA's goal is to help companies simplify information governance so that they are not only able to handle the information pouring in from a vast number of channels, but also derive value from it."
Sign up for CIO Asia eNewsletters.