Rapid Explosion of Data Is Risky, PwC UK Reports
With the rate that corporate data volumes grow in just a year, about 40 percent, companies are likely to expose themselves to bitter criticisms if they don’t fix their incomplete documents being disclosed to produce necessary information, a new report of PwC revealed.
PwC’s report, The Future of E-disclosure 2020, showed that these companies may be sanctioned with at least 50 percent and up in costs reduction charged to fines if they keep on ignoring problems in incomplete document disclosure.
The report cited three reasons that may expose these companies to the present governance and legal sanctions, namely, advancements in technology, increases in data storage capabilities, and techniques of new employees.
Forty percent of the 211 professionals from the legal and technical fields who participated in the survey as part of the report raised their concerns over activities of companies in which data are stored in web-based third-party servers which include cloud computing. Fifteen percent said they are concerned with the increase in mobile technology while 12 percent are more concerned with social networking in the workplace.
“Pressure is building in this area and we fully expect a new in-house function to emerge with responsibilities for data creation, storage and retrieval – most likely under the aegis of the Chief Information Officer,” said Tom Lewis, partner and leader of PwC’s forensic technology services.