Tag Archives: data
Account Executives update opportunities in Salesforce all the time. As opportunities close, payment information is received in the financial system. Normally, they spend hours trying to combine the data, to prepare it for differential analysis. Often, there is a prolonged, back-and-forth dialogue with IT. This takes time and effort, and can delay the sales process.
What if you could spend less time preparing your Salesforce data and more time analyzing it?
Informatica has a vision to solve this challenge by providing self-service data to non-technical users. Earlier this year, we announced our Intelligent Data Platform. One of the key projects in the IDP, code-named “Springbok“, uses an excel-like search interface to let business users find and shape the data they need.
Informatica’s Project Springbok is a faster, better and, most importantly, easier way to intelligently work with data for any purpose. Springbok guides non-technical users through a data preparation process in a self-service manner. It makes intelligent recommendations and suggestions, based on the specific data they’re using.
To see this in action, we welcome you to join us as we partner with Halak Consulting, LLC for an informative webinar. The webinar will take place on November 18th at 10am PST. You will learn from the Springbok VP of Strategy and from an experienced Springbok user about how Springbok can benefit you.
So REGISTER for the webinar today!
Well, it’s been a little over a week since the Strata conference so I thought I should give some perspective on what I learned. I think it was summed up at my first meeting, on the first morning of the conference. The meeting was with a financial services company who has significance experience with Hadoop. The first words out of their mouths were, “Hadoop is hard.”
Later in the conference, after a Western Union representative spoke about their Hadoop deployment, they were mobbed by end user questions and comments. The audience was thrilled to hear about an actual operational deployment: Not just a sandbox deployment, but an actual operational Hadoop deployment from a company that is over 160 years old.
The market is crossing the chasm from early adopters who love to hand code (and the macho culture of proving they can do the hard stuff) to more mainstream companies that want to use technology to solve real problems. These mainstream companies aren’t afraid to admit that it is still hard. For the early adopters, nothing is ever hard. They love hard. But the mainstream market doesn’t view it that way. They don’t want to mess around in the bowels of enabling technology. They want to use the technology to solve real problems. The comment from the financial services company represents the perspective of the vast majority of organizations. It is a sign Hadoop is hitting the mainstream market.
More proof we have moved to a new phase? Cloudera announced they were going from shipping six versions a year down to just three. I have been saying for awhile that we will know that Hadoop is real when the distribution vendors stop shipping every 2 months and go to a more typical enterprise software release schedule. It isn’t that Hadoop engineering efforts have slowed down. It is still evolving very rapidly. It is just that real customers are telling the Hadoop suppliers that they won’t upgrade as fast because they have real business projects running and they can’t do it. So for those of you who are disappointed by the “slow down,” don’t be. To me, this is news that Hadoop is reaching critical mass.
Technology is closing the gap to allow organizations to use Hadoop as a platform without having to actually have an army of Hadoop experts. That is what Informatica does for data parsing, data integration, data quality and data lineage (recent product announcement). In fact, the number one demo at the Informatica booth at Strata was the demonstration of “end to end” data lineage for data, going from the original source all the way to how it was loaded and then transformed within Hadoop. This is purely an enterprise-class capability that becomes more interesting and important when you actually go into true production.
Informatica’s goal is to hide the complexity of Hadoop so companies can get on with the work of using the platform with the skills they already have in house. And from what I saw from all of the start-up companies that were doing similar things for data exploration and analytics and all the talk around the need for governance, we are finally hitting the early majority of the market. So, for those of you who still drop down to the underlying UNIX OS that powers a Mac, the rest of us will keep using the GUI. To the extent that there are “fit for purpose” GUIs on top of Hadoop, the technology will get used by a much larger market.
So congratulations Hadoop, you have officially crossed the chasm!
P.S. See me on theCUBE talking about a similar topic at: youtu.be/oC0_5u_0h2Q
Recent published research shows that “faster” is better than “slower.” The point, ladies and gentlemen, is that speed, for lack of a better word, is good. But granted, you won’t always have the need for speed. My Lamborghini is handy when I need to elude the Bakersfield fuzz on I-5, but it does nothing for my Costco trips. There, I go with capacity and haul home my 30-gallon tubs of ketchup with my Ford F150. (Note: this is a fictitious example, I don’t actually own an F150.)
But if speed is critical, like in your data streaming application, then Informatica Vibe Data Stream and the MapR Distribution including Apache™ Hadoop® are the technologies to use together. But since Vibe Data Stream works with any Hadoop distribution, my discussion here is more broadly applicable. I first discussed this topic earlier this year during my presentation at Informatica World 2014. In that talk, I also briefly described architectures that include streaming components, like the Lambda Architecture and enterprise data hubs. I recommend that any enterprise architect should become familiar with these high-level architectures.
Data streaming deals with a continuous flow of data, often at a fast rate. As you might’ve suspected by now, Vibe Data Stream, based on the Informatica Ultra Messaging technology, is great for that. With its roots in high speed trading in capital markets, Ultra Messaging quickly and reliably gets high value data from point A to point B. Vibe Data Stream adds management features to make it consumable by the rest of us, beyond stock trading. Not surprisingly, Vibe Data Stream can be used anywhere you need to quickly and reliably deliver data (just don’t use it for sharing your cat photos, please), and that’s what I discussed at Informatica World. Let me discuss two examples I gave.
Large Query Support. Let’s first look at “large queries.” I don’t mean the stuff you type on search engines, which are typically no more than 20 characters. I’m referring to an environment where the query is a huge block of data. For example, what if I have an image of an unidentified face, and I want to send it to a remote facial recognition service and immediately get the identity? The image would be the query, the facial recognition system could be run on Hadoop for fast divide-and-conquer processing, and the result would be the person’s name. There are many similar use cases that could leverage a high speed, reliable data delivery system along with a fast processing platform, to get immediate answers to a data-heavy question.
Data Warehouse Onload. For another example, we turn to our old friend the data warehouse. If you’ve been following all the industry talk about data warehouse optimization, you know pumping high speed data directly into your data warehouse is not an efficient use of your high value system. So instead, pipe your fast data streams into Hadoop, run some complex aggregations, then load that processed data into your warehouse. And you might consider freeing up large processing jobs from your data warehouse onto Hadoop. As you process and aggregate that data, you create a data flow cycle where you return enriched data back to the warehouse. This gives your end users efficient analysis on comprehensive data sets.
Hopefully this stirs up ideas on how you might deploy high speed streaming in your enterprise architecture. Expect to see many new stories of interesting streaming applications in the coming months and years, especially with the anticipated proliferation of internet-of-things and sensor data.
To learn more about Vibe Data Stream you can find it on the Informatica Marketplace .
Key findings from the report include:
- 65% of organizations cite data processing and integration as hampering distribution capability, with nearly half claiming their existing software and ERP is not suitable for distribution.
- Nearly two-thirds of enterprises have some form of distribution process, involving products or services.
- More than 80% of organizations have at least some problem with product or service distribution.
- More than 50% of CIOs in organizations with distribution processes believe better distribution would increase revenue and optimize business processes, with a further 38% citing reduced operating costs.
The core findings: “With better data integration comes better automation and decision making.”
This report is one of many I’ve seen over the years that come to the same conclusion. Most of those involved with the operations of the business don’t have access to key data points they need, thus they can’t automate tactical decisions, and also cannot “mine” the data, in terms of understanding the true state of the business.
The more businesses deal with building and moving products, the more data integration becomes an imperative value. As stated in this survey, as well as others, the large majority cite “data processing and integration as hampering distribution capabilities.”
Of course, these issues goes well beyond Australia. Most enterprises I’ve dealt with have some gap between the need to share key business data to support business processes, and decision support, and what current exists in terms of data integration capabilities.
The focus here is on the multiple values that data integration can bring. This includes:
- The ability to track everything as it moves from manufacturing, to inventory, to distribution, and beyond. You to bind these to core business processes, such as automatic reordering of parts to make more products, to fill inventory.
- The ability to see into the past, and to see into the future. The emerging approaches to predictive analytics allow businesses to finally see into the future. Also, to see what went truly right and truly wrong in the past.
While data integration technology has been around for decades, most businesses that both manufacture and distribute products have not taken full advantage of this technology. The reasons range from perceptions around affordability, to the skills required to maintain the data integration flow. However, the truth is that you really can’t afford to ignore data integration technology any longer. It’s time to create and deploy a data integration strategy, using the right technology.
This survey is just an instance of a pattern. Data integration was considered optional in the past. With today’s emerging notions around the strategic use of data, clearly, it’s no longer an option.
This was a great week of excitement and innovation here in San Francisco starting with the San Francisco Giants winning the National League Pennant for the 3rd time in 5 years on the same day Saleforce’s Dreamforce 2014 wrapped up their largest customer conference with over 140K+ attendees from all over the world talking about their new Customer Success Platform.
Salesforce has come a long way from their humble beginnings as the new kid on the cloud front for CRM. The integrated sales, marketing, support, collaboration, application, and analytics as part of the Salesforce Customer Success Platform exemplifies innovation and significant business value upside for various industries however I see it very promising for today’s financial services industry. However like any new business application, the value business gains from it are dependent in having the right data available for the business.
The reality is, SaaS adoption by financial institutions has not been as quick as other industries due to privacy concerns, regulations that govern what data can reside in public infrastructures, ability to customize to fit their business needs, cultural barriers within larger institutions that critical business applications must reside on-premise for control and management purposes, and the challenges of integrating data to and from existing systems with SaaS applications. However, experts are optimistic that the industry may have turned the corner. Gartner (NYSE:IT) asserts more than 60 percent of banks worldwide will process the majority of their transactions in the cloud by 2016. Let’s take a closer look at some of the challenges and what’s required to overcome these obstacles when adopting cloud solutions to power your business.
Challenge #1: Integrating and sharing data between SaaS and on-premise must not be taken lightly
For most banks and insurance companies considering new SaaS based CRM, Marketing, and Support applications with solutions from Salesforce and others must consider the importance of migrating and sharing data between cloud and on-premise applications in their investment decisions. Migrating existing customer, account, and transaction history data is often done by IT staff through the use of custom extracts, scripts, and manual data validations which can carry over invalid information from legacy systems making these new application investments useless in many cases.
For example, customer type descriptions from one or many existing systems may be correct in their respective databases however collapsing them into a common field in the target application seems easy to do. Unfortunately, these transformation rules can be complex and that complexity increases when dealing with tens if not hundreds of applications during the migration and synchronization phase. Having capable solutions to support the testing, development, quality management, validation, and delivery of existing data from old to new is not only good practice, but a proven way of avoiding costly workarounds and business pain in the future.
Challenge 2: Managing and sharing a trusted source of shared business information across the enterprise.
As new SaaS applications are adopted, it is critical to understand how to best govern and synchronize common business information such as customer contact information (e.g. address, phone, email) across the enterprise. Most banks and insurance companies have multiple systems that create and update critical customer contact information, many of them which reside on-premise. For example, insurance customers who update contact information such as a phone number or email address while filing an insurance claim will often result in that claims specialist to enter/update only the claims system given the siloed nature of many traditional banking and insurance companies. This is the power of Master Data Management which is purposely designed to identify changes to master data including customer records in one or many systems, update the customer master record, and share that across other systems that house and require that update is essential for business continuity and success.
In conclusion, SaaS adoption will continue to grow in financial services and across other industries. The silver lining in the cloud is your data and the technology that supports the consumption and distribution of it across the enterprise. Banks and insurance companies investing in new SaaS solutions will operate in a hybrid environment made up of Cloud and core transaction systems that reside on-premise. Cloud adoption will continue to grow and to ensure investments yield value for businesses, it is important to invest in a capable and scalable data integration platform to integrate, govern, and share data in a hybrid eco-system. To learn more on how to deal with these challenges, click here and download a complimentary copy of the new “Salesforce Integration for Dummies”
Are you in Sales Operations, Marketing Operations, Sales Representative/Manager, or Marketing Professional? It’s no secret that if you are, you benefit greatly from the power of performing your own analysis, at your own rapid pace. When you have a hunch, you can easily test it out by visually analyzing data in Tableau without involving IT. When you are faced with tight timeframes in which to gain business insight from data, being able to do it yourself in the time you have available and without technical roadblocks makes all the difference.
Self-service Business Intelligence is powerful! However, we all know it can be even more powerful. When needing to put together an analysis, we know that you spend about 80% of your time putting together data, and then just 20% of your time analyzing data to test out your hunch or gain your business insight. You don’t need to accept this anymore. We want you to know that there is a better way!
We want to allow you to Flip Your Division of Labor and allow you to spend more than 80% of your time analyzing data to test out your hunch or gain your business insight and less than 20% of your time putting together data for your Tableau analysis! That’s right. You like it. No, you love it. No, you are ready to run laps around your chair in sheer joy!! And you should feel this way. You now can spend more time on the higher value activity of gaining business insight from the data, and even find copious time to spend with your family. How’s that?
Project Springbok is a visionary new product designed by Informatica with the goal of making data access and data quality obstacles a thing of the past. Springbok is meant for the Tableau user, a data person would rather spend their time visually exploring information and finding insight than struggling with complex calculations or waiting for IT. Project Springbok allows you to put together your data, rapidly, for subsequent analysis in Tableau. Project Springbok tells you things about your data that even you may not have known. It does it through Intelligent Suggestions that it presents to the User.
Let’s take a quick tour:
- Project Springbok tells you, that you have a date column and that you likely want to obtain the Year and Quarter for your analysis (Fig 1)., And if you so wish, by a single click, voila, you have your corresponding years and even the quarters. And it all happened in mere seconds. A far cry from the 45 minutes it would have taken a fluent user of Excel to do using VLOOKUPS.
VALUE TO A MARKETING CAMPAIGN PROFESSIONAL: Rapidly validate and accurately complete your segmentation list, before you analyze your segments in Tableau. Base your segments on trusted data that did not take you days to validate and enrich.
- Then Project Springbok will tell you that you have two datasets that could be joined on a common key, email for example, in each dataset, and would you like to move forward and join the datasets (Fig 2)? If you agree with Project Springbok’s suggestion, voila, dataset joined in a mere few seconds. Again, a far cry from the 45 minutes it would have taken a fluent user of Excel to do using VLOOKUPS.
VALUE TO A SALES REPRESENTATIVE OR SALES MANAGER: You can now access your Salesforce.com data (Fig 3) and effortlessly combine it with ERP data to understand your true quota attainment. Never miss quota again due to a revenue split, be it territory or otherwise. Best of all, keep your attainment datatset refreshed and even know exactly what datapoint changed when your true attainment changes.
- Then, if you want, Project Springbok will tell you that you have emails in the dataset, which you may or may not have known, but more importantly it will ask you if you wish to determine which emails can actually be mailed to. If you proceed, not only will Springbok check each email for correct structure (Fig 4), but will very soon determine if the email is indeed active, and one you can expect a response from. How long would that have taken you to do?
VALUE TO A TELESALES REPRESENTATIVE OR MARKETING EMAIL CAMPAIGN SPECIALIST : Ever thought you had a great email list and then found out most emails bounced? Now, confidently determine which emails are truly ones will be able to email to, before you send the message. Email prospects who you know are actually at the company and be confident you have their correct email addresses. You can then easily push the dataset into Tableau to analyze the trends in email list health.
And, in case you were wondering, there is no training or install required for Project Springbok. The 80% of your time you used to spend on data preparation is now shrunk considerably, and this is after using only a few of Springbok’s capabilities. One more thing: You can even directly export from Project Springbok into Tableau via the “Export to Tableau TDE” menu item (Fig 5). Project Springbok creates a Tableau TDE file and you just double click on it to open Tableau to test out your hunch or gain your business insight.
Here are some other things you should know, to convince you that you, too, can only spend no more than 20% of you time on putting together data for your subsequent Tableau analysis:
- Springbok Sign-Up is Free
- Springbok automatically finds problems with your data, and lets you fix them with a single click
- Springbok suggests useful ways for you to combine different datasets, and lets you combine them effortlessly
- Springbok suggests useful summarizations of your data, and lets you follow through on the summarizations with a single click
- Springbok allows you to access data from your cloud or on-premise systems with a few clicks, and the automatically keep it refreshed. It will even tell you what data changed from the last time you saw it
- Springbok allows you to collaborate by sharing your prepared data with others
- Springbok easily exports your prepared data directly into Tableau for immediate analysis. You do not have to tell Tableau how to interpret the prepared data
- Springbok requires no training or installation
Go on. Shift your division of labor in the right direction, fast. Sign-Up for Springbok and stop wasting precious time on data preparation. http://bit.ly/TabBlogs
Are you going to be at Dreamforce this week in San Francisco? Interested in seeing Project Springbok working with Tableau in a live demonstration? Visit the Informatica or Tableau booths and see the power of these two solutions working hand-in-hand.Informatica is Booth #N1216 and Booth #9 in the Analytics Zone. Tableau is located in Booth N2112.
With that said, the basic approaches to consider are from the top-down, or the bottom-up. You can be successful with either approach. However, there are certain efficiencies you’ll gain with a specific choice, and it could significantly reduce the risk and cost. Let’s explore the pros and cons of each approach.
Approaching data integration from the top-down means moving from the high level integration flows, down to the data semantics. Thus, you an approach, perhaps even a tool-set (using requirements), and then define the flows that are decomposed down to the raw data.
The advantages of this approach include:
The ability to spend time defining the higher levels of abstraction without being limited by the underlying integration details. This typically means that those charged with designing the integration flows are more concerned with how they have to deal with the underlying source and target, and this approach means that they don’t have to deal with that issue until later, as they break down the flows.
The disadvantages of this approach include:
The data integration architect does not consider the specific needs of the source or target systems, in many instances, and thus some rework around the higher level flows may have to occur later. That causes inefficiencies, and could add risk and cost to the final design and implementation.
For the most part, this is the approach that most choose for data integration. Indeed, I use this approach about 75 percent of the time. The process is to start from the native data in the sources and targets, and work your way up to the integration flows. This typically means that those charged with designing the integration flows are more concerned with the underlying data semantic mediation than the flows.
The advantages of this approach include:
It’s typically a more natural and traditional way of approaching data integration. Called “data-driven” integration design in many circles, this initially deals with the details, so by the time you get up to the integration flows there are few surprises, and there’s not much rework to be done. It’s a bit less risky and less expensive, in most cases.
The disadvantages of this approach include:
Starting with the details means that you could get so involved in the details that you miss the larger picture, and the end state of your architecture appears to be poorly planned, when all is said and done. Of course, that depends on the types of data integration problems you’re looking to solve.
No matter which approach you leverage, with some planning and some strategic thinking, you’ll be fine. However, there are different paths to the same destination, and some paths are longer and less efficient than others. As you pick an approach, learn as you go, and adjust as needed.
With Informatica Cloud, we’ve long tracked the growth of the various cloud apps and its adoption in the enterprise. Common business patterns – such as opportunity-to-order, employee onboarding, data migration and business intelligence – that once took place solely on-premises are now being conducted both in the cloud and on-premises.
The fact is that we are well on our way to a world where our business needs are best met by a mix of on-premises and cloud applications. Regardless of what we do or make, we can no longer get away with just on-premises applications – or at least not for long. As we become more reliant on cloud services, such as those offered by Oracle, Salesforce, SAP, NetSuite, Workday, we are embracing the reality of a new hybrid world, and the imperative for simpler integration it demands.
So, as the ground shifts beneath us, moving us toward the hybrid world, we, as business and IT users, are left standing with a choice: Continue to seek solutions in our existing on-premises integration stacks, or go beyond, to find them with the newer and simpler cloud solution. Let us briefly look at five business patterns we’ve been tracking.
One of the first things we’ve noticed with the hybrid environment is the incredible frequency with which data is moved back and forth between the on-premises and cloud environments. We call this the data integration pattern, and it is best represented by getting data, such as price list or inventory from Oracle E-Business into a cloud app so that the actual user of the cloud app can view the most updated information. Here the data (usually master data) is copied toserves a certain purpose. Data Integration also involves the typical needs of data to be transformed before it can be inserted or updated. The understanding of metadata and data models of the involved applications is key to do this effectively and repeatedly.
The second is the application integration pattern, or the real time transaction flow between your on-premises and cloud environment, where you have business processes and services that need to communicate with one another. Here, the data needs to be referenced in real time for a knowledge worker to take action.
The third, data warehousing in the cloud, is an emerging pattern that is gaining importance for both mid- and large-size companies. In this pattern, businesses are moving massive amounts of data in bulk from both on-premises and cloud sources into a cloud data warehouse, such as Amazon Redshift, for BI analysis.
The fourth, the Internet of Things (IOT) pattern, is also emerging and is becoming more important, especially as new technologies and products, such as Nest, enable us to push streaming data (sensor data, web logs, etc.) and combine them with other cloud and on-premises data sources into a cloud data store. Often the data is unstructured and hence it is critical for an integration platform to effectively deal with unstructured data.
The fifth and final pattern, API integration, is gaining prominence in the cloud. Here, an on-premise or cloud application exposes the data or service as an external API that can be consumed directly by applications or by a higher-level composite app in an orchestration.
While there are certainly different approaches to the challenges brought by Hybrid IT, cloud integration is often best-suited to solving them.
First, while the integration problems are more or less similar to the on-premise world, the patterns now overlap between cloud and on-premise. Second, integration responsibility is now picked up at the edge, closer to the users, whom we call “citizen integrators”. Third, time to market and agility demands that any integration platform you work with can live up to your expectations of speed. There are no longer multiyear integration initiatives in the era of the cloud. Finally, the same values that made cloud application adoption attractive (such as time-to-value, manageability, low operational overhead) also apply to cloud integration.
One of the most important forces driving cloud adoption is the need for companies to put more power into hands of the business user. These users often need to access data in other systems and they are quite comfortable going through the motions of doing so without actually being aware that they are performing integration. We call this class of users ‘Citizen Integrators’. For example, if a user uploads an excel file to Salesforce, it’s not something they would call as “integration”. It is an out-of-the-box action that is integrated with their user experience and is simple to use from a tooling point of view and oftentimes native within the application they are working with.
Cloud Integration Convergence is driving many integration use cases. The most common integration – such as employee onboarding – can span multiple integration patterns. It involves data integration, application integration and often data warehousing for business intelligence. If we agree that doing this in the cloud makes sense, the question is whether you need three different integration stacks in the cloud for each integration pattern. And even if you have three different stacks, what if an integration flow involves the comingling of multiple patterns? What we are noticing is a single Cloud Integration platform to address more and more of these use cases and also providing the tooling for both a Citizen Integrator as well as an experienced Integration Developer.
The bottom line is that in the new hybrid world we are seeing a convergence, where the industry is moving towards streamlined and lighter weight solutions that can handle multiple patterns with one platform.
The concept of Cloud Integration Convergence is an important one and we have built its imperatives into our products. With our cloud integration platform, we combine the ability to handle any integration pattern with an easy-to-use interface that empowers citizen integrators, and frees integration developers for more rigorous projects. And because we’re Informatica, we’ve designed it to work in tandem with PowerCenter, which means anything you’ve developed for PowerCenter can be leveraged for Informatica Cloud and vice versa thereby fulfilling Informatica’s promise of Map Once, Deploy Anywhere.
In closing, I invite you to visit us at the Informatica booth at Oracle Open World in booth #3512 in Moscone West. I’ll be there with some of my colleagues, and we would be happy to meet and talk with you about your experiences and challenges with the new Hybrid IT world.
How are they accomplishing this? A new generation of hackers has learned to reverse engineer popular software programs (e.g. Windows, Outlook Java, etc.) in order to find so called “holes”. Once those holes are exploited, the hackers develop “bugs” that infiltrate computer systems, search for sensitive data and return it to the bad guys. These bugs are then sold in the black market to the highest bidder. When successful, these hackers can wreak havoc across the globe.
I recently read a Time Magazine article titled “World War Zero: How Hackers Fight to Steal Your Secrets.” The article discussed a new generation of software companies made up of former hackers. These firms help other software companies by identifying potential security holes, before they can be used in malicious exploits.
This constant battle between good (data and software security firms) and bad (smart, young, programmers looking to make a quick/big buck) is happening every day. Unfortunately, the average consumer (you and I) are the innocent victims of this crazy and costly war. As a consumer in today’s digital and data-centric age, I worry when I see these headlines of ongoing data breaches from the Targets of the world to my local bank down the street. I wonder not “if” but “when” I will become the next victim. According to the Ponemon institute, the average cost to a company was $3.5 million in US dollars and 15 percent more than what it cost last year.
As a 20 year software industry veteran, I’ve worked with many firms across global financial services industry. As a result, my concerned about data security exceed those of the average consumer. Here are the reasons for this:
- Everything is Digital: I remember the days when ATM machines were introduced, eliminating the need to wait in long teller lines. Nowadays, most of what we do with our financial institutions is digital and online whether on our mobile devices to desktop browsers. As such every interaction and transaction is creating sensitive data that gets disbursed across tens, hundreds, sometimes thousands of databases and systems in these firms.
- The Big Data Phenomenon: I’m not talking about sexy next generation analytic applications that promise to provide the best answer to run your business. What I am talking about is the volume of data that is being generated and collected from the countless number of computer systems (on-premise and in the cloud) that run today’s global financial services industry.
- Increase use of Off-Shore and On-Shore Development: Outsourcing technology projects to offshore development firms has be leverage off shore development partners to offset their operational and technology costs. With new technology initiatives.
Now here is the hard part. Given these trends and heightened threats, do the companies I do business with know where the data resides that they need to protect? How do they actually protect sensitive data when using it to support new IT projects both in-house or by off-shore development partners? You’d be amazed what the truth is.
According to the recent Ponemon Institute study “State of Data Centric Security” that surveyed 1,587 Global IT and IT security practitioners in 16 countries:
- Only 16 percent of the respondents believe they know where all sensitive structured data is located and a very small percentage (7 percent) know where unstructured data resides.
- Fifty-seven percent of respondents say not knowing where the organization’s sensitive or confidential data is located keeps them up at night.
- Only 19 percent say their organizations use centralized access control management and entitlements and 14 percent use file system and access audits.
Even worse, those surveyed said that not knowing where sensitive and confidential information resides is a serious threat and the percentage of respondents who believe it is a high priority in their organizations. Seventy-nine percent of respondents agree it is a significant security risk facing their organizations. But a much smaller percentage (51 percent) believes that securing and/or protecting data is a high priority in their organizations.
I don’t know about you but this is alarming and worrisome to me. I think I am ready to reach out to my banker and my local retailer and let him know about my concerns and make sure they ask and communicate my concerns to the top of their organization. In today’s globally and socially connected world, news travels fast and given how hard it is to build trustful customer relationships, one would think every business from the local mall to Wall St should be asking if they are doing what they need to identify and protect their number one digital asset – Their data.