With data breaches continuing to increase in frequency and severity, it comes as no surprise that businesses are acknowledging this risk as a top concern and priority. Nearly half of organizations surveyed report having a data breach involving the loss or theft of more than 1,000 records containing sensitive or confidential information in the past two years. And the frequency of data breaches is increasing. Sixty-three percent of these respondents report their company had two or more breaches in the past two years.
However, the enclosed findings from our Third Annual Study: Is Your Company Ready for a Big Data Breach sponsored by Experian® Data Breach Resolution, illustrate that many companies still lack confidence in their ability to manage these issues and execute their data breach response plan. We surveyed 604 executives and staff employees who work primarily in privacy and compliance in the United States.
Since 2013, we have tracked changes in how confident companies are in responding to a data breach. This year, we took our analysis a step further by digging into what companies are specifically including in their data breach response plans to get to the root cause of why their confidence is lacking and the areas where they struggle to follow best practices.
...of the 81 percent of respondents who say their company has a plan, only 34 percent say these plans are very effective or effective. This is a slight increase from 30 percent in 2014. Thus, major gaps remain in how they are comprehensively preparing for a data breach.
Specifically, organizations aren’t taking into account the full breadth of procedures that need to be incorporated in the response plan and aren’t considering the wide variety of security incidents that can happen. The good news is some of the barriers to addressing those issues can be easily solved.
2015 Energy Industry Cybersecurity Report
Strategic Cybersecurity: A Toolkit for Prioritizing, Coordinating, and Transforming Your Cybersecurity Program