by Angela Guess
According to a new press release, “With less than four months until the May 25 effective date for the European Union’s General Data Protection Regulation (GDPR), a bare 6% of enterprises say they are prepared for the upcoming regulation, reveals a new research report issued today from erwin, Inc. The company’s 2018 State of Data Governance Report does indicate broader awareness and enterprise focus for data governance, yet challenges remain in terms of understanding, executive support and financing.”
The release goes on, “Commissioned by erwin through UBM, the reports shows that 98% of respondents view data governance as either important or very important from a business perspective; however, a disquieting 46% don’t have a formal governance strategy in place. More than one in five (21%) are just getting started, meaning they are in the data discovery and inventory phase, and 63% either don’t have a budget for data governance or don’t know if they have one. At 40% of the organizations surveyed, the IT department continues to foot the bill for data governance expenses.”
Mariann McDonagh, CMO for erwin, noted, “The results of the State of Data Governance Report are validating but also a bit shocking… The fact that 94% of organizations are not prepared for what is arguably one of the most important data privacy and security regulations in recent years – with fines up to four percent of their global revenues – is stunning. However, on the flip side, organizations are now finally recognizing that governing data assets goes well beyond risk management and compliance. To fully realize the value of its data, an organization needs the ability to discover, understand, govern and socialize data assets beyond IT’s shadow. To mitigate risks and realize the desired business results, data stakeholders across the enterprise must be empowered to act as data citizens, and that includes IT and the business funding an ongoing process.”
Read more at PRweb.
Photo credit: erwin