Virtually every business-oriented conversation Wikibon has with senior IT leaders includes a discussion of digital transformation. The relevance to this research is the increasing interdependency between organizations and the data they use, create, access, share and store. Digital means data and lots of it; and this data must be protected. The data requirements facing organizations today as a direct result of digital initiatives are unprecedented and require new approaches for protecting and enabling recovery for high value data assets.
Governments around the world are trying to keep pace with the digital tsunami and new/evolving regulations will further pressure data protection and recovery requirements. For example, the EU’s General Data Protection Regulation (GDPR) states that organizations must take appropriate measures to ensure the ability to restore personal data “in a timely manner in the event of a physical or technical incident.” Beginning in May of 2018, penalties for non-compliance to GDPR will be the greater of 4% of turnover or 20M euros.
In September 2016, The U.S. Department of the Treasury’s Office of the Comptroller of the Currency issued enforceable guidelines that mandate recovery planning, including addressing threats from destructive cyber attacks.
In January 2016, the Basel Committee on Banking Supervision revised its requirements around market risk which go into effect in 2019. The Fundamental Review of the Trading Book imposes new guidelines that we believe will require major enhancements to data management systems and process methodology enhancements, including those associated with data recovery.