Over one quarter of New Zealand and Australian IT professionals believe their organisations are not prepared to ensure effective governance and privacy of big data.

What's more, nearly two-thirds of them also state that their company has no policy around big data.

This according to (Information Systems Audit and Control Association) ISACA's 2013 IT Risk/Reward Barometer survey, that covered 64 IT professionals based in the ANZ region.

According to the survey, only 22 per cent of professionals were confident that their enterprises had a policy with regards to big data and around 17 per cent remained unsure.

The majority of the respondents (45 per cent) stated that their firms were adequately prepared for governance and privacy, and only 5 per cent thought they were very prepared.

Over 28 per cent identified analytics capabilities or skills as the biggest challenge faced by enterprises with regards to big data, followed by management and storage of large volumes of data (22 per cent), and compliance requirements (14 per cent).

"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't been as quick to keep up," said Jo Stewart-Rattray, CISA, CISM, CGEIT, CRISC, FACS CP, director of information security and IT assurance at BRM Holdich and International Director of ISACA. Conducted by ISACA, a global association of 110,000 IT security, assurance, governance and risk professionals, the IT Risk/Reward Barometer asked 2,013 IT professionals about the risks and rewards of key trends, including big data.

In conjunction with the release of the study findings, ISACA also released a guide based on the COBIT 5 business framework to help enterprises govern and manage their information better.