One in five executives admit that they take risks with sensitive data to meet regulatory demands.
New research from Delphix has revealed that the Anti-Money Laundering Director (AML), the EU-US Privacy Shield and the Market Abuse Directive (MAD) and Regulation (MAR) are the biggest regulatory pressures across EMEA.
Interviews were conducted with 90 EMEA executives including commercial and corporate responsibility decision makers, IT decision makers and risk, compliance and legal decision makers within banking.
Fifty-nine percent of respondents cited ‘delivery' as a number one challenge in their daily operations, with 38 percent claiming high levels of rework stops their capacity to deliver on data and reporting objectives.
Furthermore, 53 percent fear large financial penalties, followed closely by loss of customers by 51 percent of respondents. Fear of losing banking licences is a number one concern by 19 percent of respondents, with brand damage and risk of jail time also highlighted as a worry for 13 percent.
Data loss as a result of poor data security is a daily challenge for 18 percent of respondents. Regulations that require proof of data integrity and personal information that were cited as the biggest future challenges are the EU Directive on Security of Network and Information Systems (NIS) by 62 percent of respondents and the EU General Data Protection Regulation (GDPR) by 54 percent.
To improve reporting efficiency, 46 percent are invested in speeding up the process of data delivery. Meanwhile, 31 percent feel improving the quality of test data by using near-real time copies would be advantageous. Twenty percent ranked the ability to mask sensitive data for testing as a number one priority, followed by 12 percent who said the same for masking data for reporting.
“These results show that organisations are crying out for improved ways of delivering their data safely and expediently, whether it's across departments, third parties or cloud providers, to reduce compliance risk. A large part of realizing this capability lies in inserting a new virtual data layer into infrastructure so that secure data can be delivered on-demand to those who need it. Being able to integrate systems so that clean and accurate data can be extracted from legacy systems and shared with reporting applications, is paramount to streamline operations,” said Iain Chidgey, vice president, international at Delphix.