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A recent report from Symantec Corporation made available to us by JSP Communications, has revealed that information costs businesses worldwide $1.1 trillion annually, according to its first ever State of Information Survey.

 

From confidential customer information, to intellectual property, to financial transactions, organizations possess massive amounts of information that not only enable them to be competitive and efficient – but also stay in business.

 

The Group President, Enterprise Products and Services at Symantec, Francis deSouza stated that, digital information makes up 49 percent of an organization’s total value.   “The vast amount of information that organizations produce today can help them better serve their customers and increase productivity. However, the same information can also become a major liability if it is not properly protected. Companies that effectively use their information will have a major competitive advantage over those who cannot, and in some cases it can be the difference between success and failure,” he said.

 

The President further disclosed that, “with its increasing value and rising cost, successful companies will find ways to more effectively protect their information and unleash the productivity it can bring.”

 

The survey revealed that, businesses of all sizes are dealing with enormous amounts of data. The total size of information stored today by all businesses is 2.2 zettabytes. Small to medium sized businesses (SMBs) on average have 563 terabytes of data, compared with the average enterprise that has 100,000 terabytes. According to the report, information is expected to grow 67 percent over the next year for enterprises and 178 percent for SMBs.

 

“On average, enterprises spend $38 million annually on information, while SMBs spend $332,000. However, the yearly cost per employee for SMBs is a lot higher at $3,670, versus $3,297 for enterprise. For example, a typical 50-employee small business spends $183,500 on information management, whereas a typical large enterprise with 2,500 employees would spend $8.2 million” the report reads in parts.

 

Experts noted that, the consequences of losing business information are disastrous. “We would have to fold our operations for at least a couple of years before we’d come back again,” noted an IT manager at a large engineering firm when asked about the consequences of losing the enterprise’s information.

 

In the last year, 69 percent of businesses experienced some form of information loss for a variety of reasons, such as human error, hardware failure, security breach, or lost and stolen devices. In addition, 69 percent have had confidential information exposed outside of the company, and 31 percent have experienced compliance failures related to information. Another challenge is the amount of duplicate information businesses are storing – an average of 42 percent of data is duplicated.

 

Symantec report further explained that, to help businesses more effectively protect their information, organizations should focus on the information, not the device or data center: With BYOD and cloud, information is no longer within the four walls of a company.  Businesses must be able to separate useless data from valuable business information and protect it accordingly.  De-duplication and archiving help companies protect more, but store less to keep pace with exponential data growth.

 

Symantec is a global leader in providing security, storage and systems management solutions to help consumers and organizations secure and manage their information-driven world.  Its software and services protect against more risks at more points, more completely and efficiently, enabling confidence wherever information is used or stored.

Kenneth Omeruo
Omeruo Ndukaku Kenneth is an Innovation Management expert,the CEO of Emerging Media,a new media company.He is a member of ISPIM - International Society for Professional Innovation Management and the US-Africa chamber of Commerce.He is the Founder of TechTrends Nigeria Blog,Nigeria Innovation Summit and the African Innovation Academy.Kenneth is a highly sought-after Internet Marketing Consultant who has through his seminars, articles, training and consulting, helped many organizations, Individuals, Businesses maximize the Internet for business purposes.Kenneth has also being featured as a guest on the TV show TODAY ON STV Nigeria and on Bloomberg Africa TV.He is the author of the best –selling Internet Book: How To Create Unlimited Internet Wealth. He is a syndicated columnist with the following Newspapers in Nigeria: Daily Independent, Financial Standard, PUNCH, BusinessDay, and Sun.Kenneth organises the EduNet Conference for Universities in Nigeria. Kenneth is a member of Institute of Software Practitioners of Nigeria( ISPON ) Roundtable For Capacity Development in Nigeria,member pre-selection committee for Nigeria at the UN World Summit Awards,a Panelist for Youth Enterprise With Innovation in Nigeria(YouWIN)-a Federal government initiative created by the ministry of finance,supported by ministries of Communications Technology,Youth Development,Worldbank and DFID. A 2013 Judge at the Google Cloud Developers Challenge for Sub Saharan Africa.He has been a contributing editor of Nigeria Communications Week,Africa Telecom and IT Business Magazine,ICT Today magazine,M2 magazine.Kenneth has been invited to the Commonwealth Telecommunications Organisation Forum, Oracle Open World Conference USA, Oracle Cloud World Dubai, and GITEX Dubai. He now lives in New York with his family and presently working on an Open Innovation project for Nigeria. You can contact Kenneth through email: (kenneth (at)techtrendsng.com) Facebook:www.facebook.com/Kenneth.omeruo On Twitter:www.twitter.com/kennethomeruo Skpe:Kenneth.Omeruo

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