Data breaches have a real cost to organisations
The latest data from the Ponemon Institute serves as a stark reminder of the costs of lax data security to UK businesses.
Failure to clamp down on data security has real and painful consequences for any organisation, putting jobs at risk, generating lasting bad press and eroding what are already fragile revenues in the current economic climate.
Worryingly, the significant figure of £1.9 million average cost per incident, or £71 per compromised record, does not account for the ability of the Information Commissioner’s Office to fine companies in the UK up to £500,000 for each instance of a data protection failing is taken into account.
The growth in the cost of a data breach represents the knock-on effect of increased mobile device use in the workplace, including removable storage, as well as an increasingly lax attitude to protecting not only removable storage devices but data in all its forms. Some 64 per cent of those surveyed by Ponemon acknowledged the risk post by mobile devices to data security, while 84 per cent said that insecure mobile devices were likely to have accessed corporate data in some form.
Fortunately, the Ponemon Institute report shows investment is increasing as companies look to correct such oversights before they become systemic. The value of such an investment is certainly attractive in comparison to the costs of a data breach.
Tom Colvin, Chief Technology Officer, Conseal Security