Survey: When It Comes to Managing Information, Firms across North America and Europe Strive to Balance Security and Value

  Survey: When It Comes to Managing Information, Firms across North America
  and Europe Strive to Balance Security and Value

Business Wire

BOSTON -- June 11, 2014

When it comes to deciding how best to manage information, organizations on
both sides of the Atlantic seem more comfortable following conventional
risk-avoidance strategies than translating that information into insight and
competitive advantage. That’s one of the key findings of the 2014 Information
Maturity Risk Index, a new study published by storage and information
management company Iron Mountain Incorporated and PwC UK that examines how
sophisticated organizations are when it comes to not only protecting
information from risk but also realizing the promise of data analytics.

In the study, Iron Mountain and PwC evaluated 1,800 companies of varying sizes
across North America and Europe in four key areas of their information
governance programs: strategy, people, communications and security. These
scores were then compiled to produce the Information Risk Maturity Index, the
third annual measure of how prepared companies are to manage and respond to
information risk and address other key information trends. The results,
assessed for France, Germany, Hungary, the Netherlands, Spain, the United
States and Canada show that the average Information Risk Maturity Index score
(out of a possible 100) is 65.7 for the enterprise group (up to 100,000
employees) and 55.3 for the mid-market (250-2500 employees). In North America,
enterprises come in at 65.7, while mid-market scores are at 54.5 in the
mid-market; Europe finished at 66.3 and 56.1, respectively.

While the results show similar levels of risk maturity for both continents,
the ability to extract value from that information is a challenge. When asked
to gauge the importance of securing and protecting information versus tapping
into its ability to serve as a business asset, respondents named “avoiding a
data breach” (85 percent in North America, 76 percent in Europe) and “avoiding
legal action or a fine for non-compliance” (79 percent and 74 percent) as
their top priorities for information management. Furthermore, while 79 percent
of firms surveyed in North America and 72 percent of those in Europe said they
consider their information to be a business asset, only 35 percent (aggregate)
employ data analysts to try and extract value from that information.

“Information can be a company’s biggest advantage, yet many organizations
struggle with how to unlock its potential,” said Sue Trombley, managing
director of thought leadership for Iron Mountain. “With so many regulations
and standards, each of which can carry heavy penalties for non-compliance,
organizations should be commended for making security and protection top
priorities. The mark of a truly mature information management program comes in
finding the right balance of mixing the priorities of security with the needs
of the business to use information to improve operations, power innovation,
open new markets and drive revenue. This forms the cornerstone of effective
information governance, allowing you to find and leverage the truly valuable
information that helps produce competitive advantage. This study shows that,
the world over, organizations are showing a desire to balance these two
priorities, yet challenges remain if they want to get to that next level of
information management and governance.”

A closer look at the survey results shows that both small and large
organizations on both continents are only just beginning to utilize
information for competitive advantage in three key areas:

  *Innovation - Just half (51 per cent) of European firms are using
    information to enhance product and/or service innovation, rising to 65 per
    cent in North America;
  *Time to Market – Only around a quarter (21 per in Europe and 28 per cent
    in North America) are using information to increase their speed to market;
  *Product/Service Development – Barely one in 10 (10 per cent in Europe, 4
    per cent in North America) says that information has boosted product or
    service development cycles.

Claire Reid, partner, PwC Risk Assurance, commented, “Businesses face the same
problems everywhere. They operate in an information landscape that is defined
by the increasing volume, variety and velocity of information moving through
the business, and by a wide range of risks. At the same time, there is a
growing expectation that businesses should exploit information to create
value. Too many companies believe they understand the risks and value of
information, but are frustratingly passive about doing anything about it. Your
information may be the greatest business asset you have. Your customers have
entrusted you with their most personal data – you cannot afford to allow
information risk management to be a mere tick-box exercise.”

Those organizations seeking to better balance the priorities of security and
value can start with a few basic areas to become better information managers:

  *Engage Employees – From senior leaders to everyday employees, good
    information management means getting everyone in organization to buy-in on
    the policies, processes and continuing education that underpins a
    successful program;
  *Monitor and Measure – Mature information management programs have metrics
    in place to measure the effectiveness of their policies and processes,
    ensuring compliance with industry and regulatory standards while
    uncovering opportunities for cost savings and efficiency;
  *Make Information Accessible – For most businesses, information assets are
    in the hands of the right people to safeguard them, but not of those who
    can extrapolate value like research and development, sales, and customer
    relationship teams who have the right skills to mine that information for
    insights that can drive revenue.

PwC surveyed senior managers at 600 European and 600 North American businesses
in the mid-market segment and a further 600 firms across both continents in
the enterprise; industries included legal, financial services, pharmaceutical,
insurance and manufacturing and engineering. The survey looked at four key
areas: Strategy, People, Communications and Security. For the first time, the
2014 edition includes a global focus, looking at both mid-market and
enterprise organizations in both North America and Europe.

A summary of the report, “Beyond good intentions: An introduction to the 2014
Information Risk Maturity Index,” can be accessed at
www.ironmountain.com/thoughtleadership/informationrisksurvey (registration
required).

About Iron Mountain Incorporated

Iron Mountain Incorporated (NYSE: IRM) is a leading provider of storage and
information management services. The company’s real estate network of over 67
million square feet across more than 1,000 facilities in 36 countries allows
it to serve customers with speed and accuracy. And its solutions for records
management, data management, document management, and secure shredding help
organizations to lower storage costs, comply with regulations, recover from
disaster, and better use their information for business advantage. Founded in
1951, Iron Mountain stores and protects billions of information assets,
including business documents, backup tapes, electronic files and medical data.
Visit www.ironmountain.com for more information.

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Contact:

For Media:
Iron Mountain
Christian T. Potts, 617-535-8721
christian.potts@ironmountain.com
or
Weber Shandwick
Katie Carbone, 617-520-7135
kcarbone@webershandwick.com
 
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