New Omdia Research Reveals Why Organizations Face New Data Security Challenges
San Francisco, CA – August 26, 2024 – Normalyze, the pioneer of Data Security Posture Management (DSPM) solutions, today released new research by Omdia, commissioned by Normalyze, which sheds light on the growing importance of DSPM as a foundation for modern data strategies. This comprehensive analysis, based on a survey of 209 U.S.-based security decision-makers, underscores the significant gaps in data protection that DSPM is uniquely positioned to address, market requirements, and anticipated roadblocks.
According to the report, 89% of organizations expect a significant or moderate increase in data security budgets over the next 12 months, driven by the escalating threat landscape and stringent regulatory requirements like GDPR and HIPAA. Despite these investments, many organizations still struggle with the complexities of managing vast, unstructured data environments and ensuring compliance.
To underscore that point, respondents shared that their organizations’ top data security priorities over the next 12–24 months include reducing the opportunity for threats to infiltrate data stores (59%), improving data security posture (53%), and demonstrating ROI through improved reporting and business communication (42%).
The report delves into whether respondents have already adopted DSPM, plan to adopt it, or the reasons for not doing so.
- DSPM adoption is on the rise, particularly among larger organizations, with 72% of companies with 10,000+ employees confident in DSPM’s capabilities.
- 67% of organizations expressed confidence in DSPM’s ability to provide suitable data protection.
- 76% of respondents who have already deployed a DSPM solution agree that DSPM provides visibility and security in data-heavy environments, essential for preventing data breaches and ensuring regulatory compliance.
With data breaches costing companies an average of $4.45 million per incident, according to IBM, the need for comprehensive data security measures has never been more pressing. The Omdia report reveals that many organizations still face challenges such as inadequate classification and labeling of data, leading to increased risks of unauthorized access and regulatory non-compliance.
“Organizations must prioritize data classification and governance to stay ahead of evolving threats and regulatory demands,” said Adam Strange, Principal Analyst at Omdia. “This research makes it clear that organizations are still struggling with data security and DSPM appears to be the next stop on many roadmaps.”
Respondents shared that the most common challenges in DSPM implementation include making new hires or lacking internal resources (61%), vendor/tool selection (51%), and obtaining executive buy-in (38%).
The economic implications of failing to secure data from the outset are staggering. “DSPM is a strategic enabler for a wide range of use cases, including AI initiatives, data migration projects, and data hygiene efforts. Data context and security must be the first step in these endeavors – without it, these projects are destined to fail,” said Amer Deeba, CEO and co-founder of Normalyze. “The economic value becomes clear when considering how many of these projects fail due to a lack of classified data, which stems from insufficient understanding and alignment among leadership to secure the necessary budget and resources from the outset.”
To learn more about the research, please join our webinar on Wednesday, August 28th at 9:00am Pacific. Register here.
To access these critical insights and prepare your organization for the future of data security, download the full Omdia report here.
Methodology
This report was drawn together using a commissioned study by Normalyze, surveying 209 US-based data security decision makers. Respondents were from organizations of at least 1,000 employees, across a variety of industries including retail, banking and financial services, technology services, healthcare, and SaaS. Respondents had to hold manager-level roles or more senior, with decision-making ability for their organization’s data security strategy/program, in order to qualify for the study. This study was conducted in April 2024.
This report also draws on the 2023 Omdia decision maker survey which analyzes responses from over 600 globally distributed IT decision makers and is repeated on an annual basis. Also a background source were several of the Omdia ‘On the Radar’ or ‘OTR’ reports into specific vendors and their respective DSPM propositions. These are all available from www.omdia.com.
About Omdia
Omdia, part of Informa Tech, is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.
About Normalyze
Normalyze is the pioneer in Data Security Posture Management (DSPM), enabling organizations to effectively secure data at scale across SaaS, PaaS, public or multi-cloud, on-prem and hybrid environments. Normalyze fills the security gaps created by complex data landscapes, data lakes, shadow data and Generative AI by accurately and quickly discovering, classifying and visualizing the total data attack surface. With Normalyze, data and security teams can quantify risks and prioritize remediation plans to prevent data breaches, enforce least privilege access to sensitive data, optimize data storage and leverage AI for business.
Founded by industry veterans Ravi Ithal and Amer Deeba, and backed by Lightspeed Venture Partners and Battery Ventures, Normalyze holds 14 patents in data security and is used by global organizations including Albertsons, Snowflake, Informatica and many others.
For more information, please visit normalyze.ai.
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