Data governance and security concerns are so great among UK financial services companies that they are holding back growth, according to a survey by secure computing company Optalysys.
The survey of more than 250 financial company IT professionals found that 70 per cent of decision makers said data security was holding them back, while 45 per cent said their firms experienced challenges in managing or accessing sensitive data.
“The financial services sector is the lifeblood of the UK economy, yet businesses are being limited by outdated approaches to data security,” said Optalysys chief executive Nick New. “Simply put, businesses can’t harness the real power of AI or can’t unlock the full value of their data because they are too busy trying to keep it safe. This is a massive missed opportunity and it’s holding the entire sector back.”
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