Big Data is an increasing area of focus, but just 22 percent of New Zealand and Australian IT professionals surveyed in ISACA\u2019s 2013 IT Risk\/Reward Barometer are confident their enterprise has a policy regarding how it manages Big Data.\nInstead, almost two-thirds (61 per cent) of respondents say their company has no policy around Big Data \u2013 and a further 17 per cent of Australasian IT professionals are unsure.\nMoreover, just 5 per cent of IT professionals say their enterprise is very prepared to ensure effective governance and privacy of Big Data.\nThe majority, 45 per cent, believes their organisation is \u201cadequately prepared\u201d and one-quarter (25 per cent) say they are \u201cnot prepared at all\u201d.\nYet, as ISACA notes, information is currently and enterprises must not only protect and manage it, but also use it to drive business value.\nISACA, the global association of IT security, assurance, governance and risk professionals, says it interviewed over 2000 IT professionals for the report.\nISACA defines Big Data as the exponentially growing bytes of information that are created and collected digitally, often with datasets so large they require specialist software tools to capture, store, manage and analyse the data.\n While there has been an explosion in the data that organisations collect, the processes to manage, store and ensure the security of such information haven\u2019t been as quick to keep up. Jo Stewart-Rattray, ISACA\nWhen asked what the biggest challenge their enterprise is facing with regards to Big Data, the top reason was a lack of analytics capabilities or skills (28 percent). The management and storage of large volumes of data came second, highlighted by 22 percent of respondents. A smaller number (14 percent) cited compliance requirements as a key limitation.\nRelated: Big data demystified\n\u201cWhile there has been an explosion in the data that organisations collect, the processes to manage, store and ensure the security of such information haven\u2019t been as quick to keep up,\u201d says Jo Stewart-Rattray, ISACA international director.\n\u201cAustralasian IT professionals need to ask the tough questions to make certain their enterprises are taking the necessary measures to ensure that governance issues and privacy related concerns are properly addressed, and their systems are as secure as possible.\u201d\nRelated: Data scientist: Most 'in demand' job of the century?\nISACA says its new guide COBIT 5: Enabling Information aims to help enterprises on three key aspects of Big Data: fraud detection, IT predictive analytics and marketing situational awareness.\n\u201cWhen governance structures and processes are in place, enterprises are much more equipped to handle these challenges,\u201d says Steven De Haes, of the group\u2019s publication team. He says the group aims to help companies simplify information governance so that they can both handle the information coming from a vast number of channels and derive value from it.\nFollow Divina Paredes on Twitter: @divinap\nFollow CIO New Zealand on Twitter:@cio_nz\nSign up for CIO newsletters for your regular updates on CIO news, views and events.\nJoin us on Facebook.