With over half of respondents in the survey working for large enterprise organizations employing more than 5,000 people, representing financial services, retail, health care, and insurance industries, the results indicate the serious implications this has on a business' bottom line.
"This is a huge roadblock for organizations that are ready to reap the benefits of big data -- the majority of large and mid-size organizations are finding that an inability to protect sensitive data within a big data environment is a major concern, so while they may be starting projects, they are abandoning them. That's not good for business," said Dave Anderson, Senior Director, Marketing at Voltage Security.
Voltage advocates a data-centric approach to security, to encrypt and protect both structured and unstructured data at the source.
"Consider the reality of today's data lifecycle – data travels among users, across states and countries, across different IT systems and end-user devices. On top of this are the rules and regulations governing how data is used, stored or moved, whether in data centers, the cloud, or mobile devices. It's a complex issue, but can be addressed by deploying data-centric security to ensure that data remains not only protected but private, anywhere it moves, lives, and however it is used," explained Anderson.
"Both large and mid-size organizations worldwide are working to develop and deploy big data analytical facilities alongside their established business intelligence structure. These initiatives are motivated by the conviction that new business insights and opportunities are buried in the avalanche of new data, by the knowledge that conventional business intelligence systems are unequal to the task, and by the fear that competitors will be first to master and exploit the available new data streams. We believe that with the right data-centric approach companies can unlock the value of big data and use the information to their competitive advantage, changing the negative view of 56% of companies that they discontinue or not even begin big data and cloud projects because of the security implications."
 Study conducted by Voltage at InfoSecurity Europe in April 2013 with over 300 IT professionals
About Voltage Security
Voltage Security®, Inc. is the world leader in data-centric security, delivering secure, scalable, and proven data-centric encryption and key management solutions, enabling our customers to effectively combat new and emerging security threats. Leveraging breakthrough encryption technologies, our powerful data protection solutions allow any company to seamlessly secure all types of sensitive corporate and customer information, wherever it resides, while efficiently meeting regulatory compliance and privacy requirements. For more information, please visit www.voltage.com.