A lot is happening it the market today, as data continues to explode at unprecedented levels. Compliance is no longer an option, but a requirement. The push to cut costs and embrace the multi-cloud – yet still maintain visibility of your data – has never been more critical.

>See also: Operating a successful data management strategy

At the same time, the need to safeguard against data breaches is an absolute must. And, the necessity to gather as many insights from your data as possible could be the difference between success and failure for many organisations.

So, what does all of this mean for today’s CIOs and IT decision makers? Here are the top five predictions for the coming year. For those who see challenges as opportunities, this could be an exciting year for you.

1. IT will be forced to take responsibility for cloud data management and cut costs

Veritas research found that in 2017, 69% of organisations wrongfully believed data protection, data privacy and compliance were the responsibility of the cloud service provider, significantly exposing those organisations to a higher likelihood of a data breach and regulatory non-compliance.

>See also: The importance of managing data

Pair this with the current ‘wild west’ style adoption of multiple clouds – many customers putting cost considerations aside – and IT will get a sudden and rude awakening in 2018.

IT will find out they are responsible for management in the cloud – possibly through a security vulnerability or compliance snafu – and the CFO will demand reduced infrastructure costs.

2. The severity of data breaches will increase

This rude awakening will come just in time, as the severity of data breaches is already increasing at a rapid pace. According to the Identity Theft Resource Center, 2016 saw 1,093 data breaches, a 40% increase from 2015. 2017 almost hit that mark by July. This makes it all the more crucial than ever for companies to have a simple, holistic approach to regularly protect and backup workloads across their entire estate. This approach must be agile, smart and scalable, especially as ransomware reaches deeper and farther than ever before into old and new workloads.

3. One of the first companies to be fined under the GDPR will be outside of Europe

It is clear then that businesses must get their house in order when it comes to data management, not least due to the General Data Protection Regulation (GDPR) coming into effect. Veritas believes that one of the first companies to be fined under the GDPR will be outside of Europe.

>See also: Connecting the dots: the hybrid data management arena

The deadline for GDPR is fast-approaching (May 25, 2018), and while a third (31%) of companies worldwide surveyed by Veritas said they are GDPR compliant, the research found that just 2% are truly complaint. Penalties for non-compliance are steep and this regulation will impact every and any company that deals with EU resident data.

However, more and more businesses are taking bold steps in driving a cultural shift within their organisations when it comes to data compliance. Veritas research found that businesses are deploying new processes and policies including training, rewards and updated contracts in support of GDPR compliance. As a result, employees will understand the role they play in protecting their organisation’s data. And, for employees that fail to take matters seriously, their bonuses and benefits may be negatively impacted.

4. Data management will get a major IQ boost from analytics

Businesses will have a helping hand as advancements in analytics move the traditional archiving, backup and storage conversation far beyond ‘add more capacity’.

It is expected that new data valuation techniques to get a boost from AI to reshape information lifecycle management through the automation of policy enforcement and more intelligent data management actions.

>See also: Regulatory compliance: data management and the EU-US privacy shield

Organisations will also tap into their traditional repositories to unleash insights that power new discoveries, sales initiatives and customer experiences across a wide array of verticals.

5. Data will grow exponentially, but data storage will slow for the first time

Last year, the annual data growth rate skyrocketed to 48.7%, filling valuable storage capacity at an incredible clip. In fact, more than 50% of files being stored by organisations were of ‘unknown’ nature.

2018 will show successful companies shift their storage strategies from a ‘save-it-all’ mentality to one that identifies and stores data that provides valuable insights or mission-critical information.

>See also: The rise of multi-cloud and data controllers

It is not all doom and gloom though. Businesses that are able to get their data management posture in order will be in a strong position to thrive over the next 12 months and beyond. Becoming compliant, embracing AI and understanding security challenges will allow companies to significantly reduce their risks of fines, or worse: reputational damage.

The opportunities that arise from improved data hygiene, security and management will enable businesses to offer customers better experiences and ultimately, boost customer loyalty, revenues and brand reputation.

Sourced by Zachary Bosin, director of solutions marketing at Veritas