Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Big Data policies lacking in NZ and Australian organisations

ISACA survey: Big Data policies lacking in New Zealand and Australian organizations

Lack of analytics capabilities of major concern to 28% of IT professionals in Australasia

Sydney, 22 November 2013 — Despite Big Data being an increasing area of focus, just 22% of New Zealand and Australian IT professionals surveyed in ISACA’s 2013 IT Risk/Reward Barometer are confident their enterprise has a policy regarding how it manages Big Data. Instead, almost two-thirds (61%) of respondents said their company has no policy around Big Data – and a further 17% of Australasian IT professionals were unsure.

Furthermore, just 5% of IT professionals say their enterprise is very prepared to ensure effective governance and privacy of Big Data. The majority, 45%, believe their organisation is “adequately prepared” and one-quarter (25%) said they are “not prepared at all.” Yet, information is currency and enterprises must not only protect and manage it, but also use it to drive business value.

Conducted by ISACA, a global association of 110,000 IT security, assurance, governance and risk professionals, the IT Risk/Reward Barometer asked 2,013 IT professionals about the risks and rewards of key trends, including Big Data. Big Data refers to the exponentially growing bytes of information that are created and collected in today’s digital world, often with datasets so large they require specialist software tools to capture, store, manage and analyse the data.

“While there has been an explosion in the data that organisations collect, the processes to manage, store and ensure the security of such information haven’t been as quick to keep up,” said Jo Stewart-Rattray, CISA, CISM, CGEIT, CRISC, FACS CP, Director of Information Security and IT Assurance at BRM Holdich and International Director of ISACA.

“Australasian IT professionals need to ask the tough questions to make certain their enterprises are taking the necessary measures to ensure that governance issues and privacy related concerns are properly addressed, and their systems are as secure as possible.”

When asked what the biggest challenge their enterprise is facing with regards to Big Data, the most-cited reason from respondents in New Zealand and Australia was a lack of analytics capabilities or skills (28%). The management and storage of large volumes of data came second, highlighted by 22% of respondents. Compliance requirements were noted by a further 14% of IT professionals.

To help enterprises meet these challenges, ISACA has released a new guide based on the COBIT 5 business framework, which helps enterprises govern and manage their information—COBIT 5: Enabling Information.

“Companies in all industries and all geographies are struggling with massive volumes of data and increasingly complex compliance requirements,” said Steven De Haes, chair of the publication’s development team. “When governance structures and processes are in place, enterprises are much more equipped to handle these challenges.

“At many enterprises, information is spread across multiple isolated silos, repeated in redundant copies scattered throughout the company, and underutilised,” De Haes continued. “ISACA’s goal is to help companies simplify information governance so that they are not only able to handle the information pouring in from a vast number of channels, but also derive value from it.”

COBIT 5: Enabling Information also helps enterprises deal with three key aspects of Big Data: fraud detection, IT predictive analytics and marketing situational awareness. It aims to provide readers with three key benefits:
1. A comprehensive information model that includes all aspects of information, including stakeholders, goals and good practices
2. Guidance on how to use COBIT 5 to address common information governance issues, such as Big Data and privacy concerns
3. A deep understanding of why information needs to be governed and managed, along with clear guidance on how to accomplish that

COBIT 5: Enabling Information can be purchased from www.isaca.org/enablinginformation. The COBIT 5 framework can be downloaded free of charge at www.isaca.org/cobit.

About the 2013 IT Risk/Reward Barometer
The annual IT Risk/Reward Barometer is a global indicator of trust in information. Conducted by ISACA, a global association of 110,000 IT security, assurance, risk and governance professionals, the Barometer polls thousands of business and IT professionals and consumers worldwide to uncover attitudes and behaviours about essential technologies and information, and the trade-offs people make to balance risk and reward. The study is based on September 2013 online polling of 2,013 ISACA members from 110 countries. A total of 64 Australian and New Zealand IT professionals contributed to the survey. Additional online surveys were fielded by M/A/R/C Research among 1,216 consumers in the US, 1,001 consumers in India, and 1,001 consumers in Mexico. The US survey ran 16–18 September 2013, and the India and Mexico surveys ran 25 September–5 October 2013. At a 90 percent confidence level, the margin of error for each individual country sample is +/- 2.8 percent. A UK survey of 1,000 employed consumers was conducted by OnePoll on 2 October 2013 with a margin of error of +/- 3.9 percentage points at the 95 percent confidence level. To see the full results, visit http://www.isaca.org/risk-reward-barometer.

About ISACA
With more than 110,000 constituents in 180 countries, ISACA® (www.isaca.org) helps business and IT leaders maximise value and manage risk related to information and technology. Founded in 1969, the nonprofit, independent ISACA is an advocate for professionals involved in information security, assurance, risk management and governance. These professionals rely on ISACA as the trusted source for information and technology knowledge, community, standards and certification. The association, which has 200 chapters worldwide, advances and validates business-critical skills and knowledge through the globally respected Certified Information Systems Auditor® (CISA®), Certified Information Security Manager® (CISM®), Certified in the Governance of Enterprise IT® (CGEIT®) and Certified in Risk and Information Systems Control™ (CRISC™) credentials. ISACA also developed and continually updates COBIT®, a business framework that helps enterprises in all industries and geographies govern and manage their information and technology.

Participate in the ISACA Knowledge Centre: www.isaca.org/knowledge-center
Follow ISACA on Twitter: https://twitter.com/ISACANews
Join ISACA on LinkedIn: ISACA (Official), http://linkd.in/ISACAOfficial
Like ISACA on Facebook: www.facebook.com/ISACAHQ

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Transport: Successful Bridge Repair Opens Two Additional Lanes To Traffic

The opening of two additional lanes on the Auckland Harbour Bridge this morning will help relieve some motorway congestion for motorists heading home to the North Shore tonight. More>>

ALSO:

Statistics New Zealand: COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy

Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said ... More>>

ALSO:

Climate: Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate

A group of scientists and experts produced the first comprehensive global-scale analysis of terrestrial areas essential for biodiversity and climate resilience, totaling 50.4% of the Earth's land. The report was published in Science Advances ... More>>

ALSO:

MPI: Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea

The Ministry for Primary Industries (MPI) has launched an independent review of the assurances it receives for the safe transport of livestock by sea. MPI Director-General Ray Smith says Mike Heron QC has been appointed to lead the review, which is expected ... More>>

ALSO:


Computers: New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand

COVID-19 had large impacts on demand for PCs as businesses prepared for lockdowns by purchasing notebooks to mobilise their workforce. In the second quarter of 2020, New Zealand's Traditional PC market experienced a 39.7% year-on-year (YoY) growth ... More>>

ALSO:


University Of Auckland: Whale-Watching By Satellite – Follow Their Travels Online

Scientists have successfully attached satellite tracking tags to six New Zealand southern right whales, or tohorā, and are inviting the public to follow the whales’ travels online. Part of a major research project involving the University of Auckland ... More>>

Commerce Commission: Kiwibank Admits System Failures And Agrees To Pay Customers $5.2 Million

Kiwibank has entered into a settlement agreement with the Commerce Commission after reporting that it failed to have in place robust home loan variation disclosure policies, procedures and systems. In a settlement dated 27 August 2020, Kiwibank admitted that ... More>>

Ministry of Health: Public Transport Distancing Requirements Relaxed

Physical distancing requirements on public transport have been reviewed by the Ministry of Health to determine whether they are still required at Alert Level 2 (or below). The Ministry’s assessment is that mandatory face covering and individuals tracking ... More>>

ALSO:

NZHIA: New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs

A new report says a fully enabled hemp industry could generate $2 billion in income for New Zealand by 2030, while also creating thousands of new jobs. Written by industry strategist Dr Nick Marsh, the report has prompted calls from the New Zealand Hemp ... More>>

ALSO:

Stats NZ: One In 14 Employed People Report High Risk Of Losing Jobs

About one in 14 workers say they expect to lose their job or business by mid-2021, Stats NZ said today. A survey of employed people in the June 2020 quarter showed 7 percent felt there was a high or almost certain chance of losing their job or business ... More>>

ASB Quarterly Economic Forecast: NZ Economy Doing Better Than Expected, But Challenges Remain

August lockdown estimated to have shaved 8% off NZ’s weekly GDP, and 0.5% off annual GDP Economy now expected to shrink 5% (year-on-year) by end of 2020 Unemployment rate now expected to peak at 7.2% The latest ASB Quarterly Economic Forecast is less ... More>>

ALSO: