Increasing Risk in Sensitive Data Communications: Kiteworks 2024 Report
Monday, July 22nd, 2024 Insurance Industry Litigation Risk Management TechnologyThe 2024 Kiteworks Sensitive Content Communications Privacy and Compliance Report provides a comprehensive analysis of the current state of sensitive data protection, focusing on the proliferation of communication tools, data exchanges with third parties, and the lack of governance increasing organizational risk. The report underscores the critical need for organizations to track, control, and report on their data exchanges to mitigate governance risks, noting that 57% of respondents are unable to do so effectively. With a staggering 68% increase in data breaches related to third-party interactions, the report highlights the correlation between the number of communication tools used and the frequency of data breaches. Organizations employing over seven communication tools experienced data breaches 3.55 times more frequently than those with fewer tools. Additionally, two-thirds of surveyed organizations exchange sensitive content with over 1,000 third parties, further complicating data tracking and control efforts.
The report also delves into the compliance landscape, revealing that only 11% of organizations believe no improvement is needed in their sensitive content communications compliance. It takes substantial staff time to compile compliance reports, with 62% of respondents spending over 1,500 hours annually on this task. The Kiteworks report emphasizes the pressing priority of compliance and risk management in today’s regulatory environment, citing significant fines and penalties for non-compliance with data privacy regulations like GDPR and HIPAA. The report concludes with actionable insights for IT, cybersecurity, and risk management leaders to enhance data protection and compliance strategies.
