Management, Small Business
Why safeguarding against a data breach is worth every penny
Posted on by experian
Estimated read time: 3 mins
Despite dramatic rises in the number of data breaches, most businesses think they are protected but as it turns out many are not, with one in three (34%) without even a data breach response plan in place.
Our research shows the gap between perceived and actual readiness to respond in the event of a breach is vast and this over confidence could cost businesses more than they could ever anticipate. We found:
- Data breaches are on the rise with nearly one in five (17%) UK organisations admitting they’ve have had a breach within the past two years.
- They’re time consuming and expensive, with the average cost of dealing with a data breach rising by more than a quarter (26%) since 2011.
- But many organisations are simply ill-prepared to deal with the impact.
- More than two out of three (67%) simply don’t have the resources set aside to deal with a data breach.
- Nearly half (49%) have no reporting procedures in place for dealing with lost devices.
- Only one in five (21%) organisations is in a position to offer their valued customers and employees any form of identity theft monitoring following a breach.
- Unsurprisingly, those organisations that have been hit by a data breach have often learned the hard way and are generally now far more prepared – unlike those that have not.
Clearly, failure to get a data breach readiness plan in place with a clear focus on protecting the customer, risks significant – and potentially critical – financial, operational and reputational damage and so no business continuity plan is complete without one. To view our infographic on data breach preparedness, simply click here, or read our whitepaper, by clicking here.