Management, News and Insight, Small Business
Why data breach planning and notification needs to be at the heart of every business
The threat of data breaches is still on the rise and regardless of size, of business a plan to respond, reassure and recover should be at the heart every business. Those managing large volumes of personally identifiable information (PII) face the reality that their business could become a target in the future.
Approximately three quarters of SMEs in the UK suffered a data breach in 2015. Experian’s research* found significant gaps when it comes to how prepared SMEs really are to deal with a potential data breach event.
In 2015, 74% of SMEs suffered a data breach. Surprisingly, though, a third of businesses are still without a data breach response plan.
Those without a plan are unlikely to understand how and why the breach occurred. In the heat of a data breach event, struggling to respond and notify to the people affected, need not be the reality.
When Experian asked SMEs about how prepared they were for a data breach, we found:
- 42% had no customer notification plan
- 45% had no legal plans
- 48% had no insurance
- 49% no communication plans
- 60% no remediation
- 75% no forensics in place
The opportunity presented to business today is to invest time and prepare in advance. Notification to customers/employees is an imperative step in managing a data breach effectively. The ability to communicate and offer identity monitoring to safeguard people during what is a unsettling time will serve the business well to provide peace of mind to those most important to them.
Interested to learn how your business fairs vs those SMEs we surveyed? View our infographic here.