Managing data security and privacy burdens 3 in 5 CFOs

Concerns over security and compliance risks of the cloud are seen as a major barrier to technology transformation.

Over half or 61% of chief financial officers (CFO) suffer data privacy headaches in today's corporate reporting environment, Ernst & Young (EY) revealed.

According to a report by its Financial Accounting and Advisory Services (FAAS), 91% said it is either “very challenging” or “somewhat challenging” to actively manage data flows based upon different jurisdictions’ privacy laws.

About 93% also said that assessing the different security standards for data centres versus cloud computing was a key challenge to data protection, privacy and compliance.

For 98% of Singapore respondents, the top challenge to effective data governance is adjusting their approach to take into account the impact of new business ventures, acquisitions, products and technology.

The survey also found that 63% say concerns over security and compliance risks of the cloud are seen as a major barrier to technology transformation.

Over half or 54% of Singaporean CTOs said that their board's view of IT transformation as too costly and risky was a major barrier to upgrading technologies.

EY Asia Pacific FAAS leader Joon-Arn Chiang said, "The pace at which the corporate world and companies are generating data is unprecedented and the pooling of massive data lakes leads to questions around the protection, uploading and use of the data."