Finance firms urged to tackle "stale data" before it's too late
Companies have been struggling with the plight of dirty data for years but, despite increased scrutiny around data privacy, two-fifths (42%) of firms' total data environments have not been modified for between three and seven years.
The widespread issue of so-called "stale data" has been highlighted in a new report by Veritas Technologies, which reveals that the financial services industry is one of the worst offenders. It estimates that up to 20% of stale data in the sector is made up of document files.
The report says that UK consumers are most likely to target financial services organisations, including banks and insurance companies, above any other industry sector, with personal data requests.
Under GDPR, personal data requests must be answered within one month of receipt of the request. However, meeting this timeframe may be difficult as many organisations still have limited visibility into what data they have, where it is located, and whether that data still holds value.
"Increased regulation in industries such as the banking and financial services sectors provide good reasons for these organisations to be early adopters of digital technologies," said Jason Tooley, vice president of Northern Europe at Veritas Technologies. "It's vital that they embrace technology that enables them to locate personal data across different platforms, search through it, and retrieve or delete it efficiently and effectively.
"Regulatory compliance aside, as consumers demand more transparency and accountability from businesses, we are seeing a 'new norm' in which consumers intend to reward organisations that properly protect their personal data, and punish those that don't by shopping elsewhere or attacking brand reputations. Stale data creates an unnecessary risk that can significantly damage reputation, brand loyalty and the bottom line."