A staggering 88% of UK IT managers questioned in a recent survey believe that current data management legislation will have a direct impact on already tightened IT budgets. This was one of a number of key findings in a research project undertaken by Engenio Information Technologies, Inc.
The research, conducted amongst 100 UK IT directors, also found that 71% of those interviewed did not feel fully informed on the impact existing legislation and regulation would have on their businesses.
Key findings include:
- 54% of respondents do not feel confident that they know what is required with regard to the IT systems/ processes/ technologies to meet data management legislation
- 88% believe meeting data management legislation will have a financial impact on IT budgets in 2005
- 71% do not believe they are fully informed on all the legislation and regulation
- 71% do not feel confident that they understand all the requirements made by legislation such as Sarbanes-Oxley, the Data Protection Act and Basel II
- 58% had heard of the Companies Bill currently going through the UK government however 63% had no idea what its impact would be
Marco Dottarelli, Managing Director EMEA at Engenio said: "There has been a lot of speculation in the UK press about the impact of regulation and compliance and the demands it will place on business. What our findings indicate though is that this is the reality for many IT departments today. The overwhelming majority of those questioned recognised that the legislative framework both here in the UK and Europe in general is having a direct impact on IT budgets. As end users become more educated on the impact of legislation, changes in the law and in the regulatory framework, Engenio and its business partners can provide the intellectual and technological solutions to their storage issues."
Claus Egge, Program Director at IDC added: "The message that legislation is making an impact on data management requirements and that a change is needed in the way IT managers approach their data is getting through. But while some vendors use this to encourage sales, the real problem is that many of the decision-makers they are targeting do not understand what is actually required. This could lead to problems for all concerned unless it is addressed responsibly by the industry as a whole."