Financial Organizations Face Increase in CCPA Compliance Workload and Expense

IRVINE, Calif., June 30, 2020 /PRNewswire/ -- Netwrix, a cybersecurity vendor that makes data security easy, today announced findings from its 2020 Data Risk & Security Report specifically for financial organizations. The report reveals that enforcement of the California Consumer Privacy Act (CCPA), which begins on July 1, 2020, is going to put additional pressure on already overstretched IT resources and budgets.

According to the survey, 32% of financial organizations have already seen an increase in data subject access rights requests (DSARs) since the CCPA came into force on January 1, 2020. The majority of respondents (73%) stated that manual processing of these requests puts significant or moderate pressure on their IT teams. Every fourth organization (27%) noted that rising interest in execution of privacy rights has increased their expenses.

Gartner warns that fulfilling a single request takes most organizations two or more weeks and costs an average of $1,400 if done manually. This means that many financial organizations, which are already facing tough times, will need to allocate additional workforce and budget to ensure compliance with the CCPA.

Other notable findings of the report include:

• 33% of financial organizations discovered sensitive or regulated customer data outside of designated secure locations.
• 40% of respondents admitted their IT teams granted direct access to sensitive data based solely on a user's request in the past 12 months.
• 75% of financial organizations that classify data can detect data misuse in minutes, while those who don't usually need days (43%) or months (29%).
• 70% of incidents of unauthorized data sharing within this vertical led to data compromise.
• 44% of CISOs and CIOs don't have or don't know whether they have KPIs for IT security and risk.

"While organizations are unlikely to be flooded with data subject access requests on July 2, they do need to be prepared to process requests accurately and promptly. One missed deadline or incompletely fulfilled request could result in a thorough audit from the authorities and sizable fines. To ensure compliance while controlling costs and relieving the burden on IT, financial organizations need to automate the DSAR process," said Steve Dickson, CEO of Netwrix.

To get the complete findings of the 2020 Netwrix Data Risk & Security Report, please visit https://www.netwrix.com/2020datariskandsecurityreport.html

About Netwrix

Netwrix makes data security easy, thereby simplifying how professionals can control sensitive, regulated and business-critical data, regardless of where it resides. Over 10,000 organizations worldwide rely on Netwrix solutions to secure sensitive data, realize the full business value of enterprise content, pass compliance audits with less effort and expense, and increase the productivity of IT teams and knowledge workers.

Founded in 2006, Netwrix has earned more than 150 industry awards and been named to both the Inc. 5000 and Deloitte Technology Fast 500 lists of the fastest growing companies in the U.S.

For more information, visit www.netwrix.com.

CONTACT:

Erin Jones
Avista PR for Netwrix
P: 704.664.2170
E: [email protected]

SOURCE Netwrix