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Does you business have a data breach response plan?

A third of UK businesses have no data breach response plan.

According to research carred out by Experian of 400 senior business executives, only a third have specific budgets set aside to deal with data breaches, despite 81 per cent saying that they are concerned about the financial impact of recovering from a breach.

Amir Goshtai, managing director of affinity at Experian Consumer Services, said “The prevalence and severity of data breach incidents will continue to accelerate, as will the volume of reported cases. When coupled with the potential for greater regulation, increased consumer awareness and widespread media coverage, it has never been more important for organisations to be well prepared.”

Mike Spykerman, vice president of product management at OPSWAT, told IT Security Guru that as long as there is a market for stolen data, data breaches will continue to increase.

“Unfortunately data breaches continue to rise as they are lucrative, relatively low risk, and can be engineered using readily available malware on the black market and publicly available information on the internet,” he said.

“It is concerning that 39 per cent of surveyed companies had no reporting procedures in place for lost data or devices, since these could be the entry point for data breaches. Companies should prepare their defences against a data breach by deploying several cyber security layers including device monitoring and management, scanning with multiple anti-malware engines, and advanced threat protection.”

The survey further found that 39 per cent of respondents have no reporting procedures in place for lost data or devices, and less than half have data breach or cyber insurance policies in place.

Goshtai said: “Consider that 52 per cent of all detected fraud in the last year is now as a result of identity theft together with the fact that already on a single day in February 2015, there was more personally identifiable information illegally traded on the dark web than in a three-month period during 2014. Businesses in the UK are facing an uphill battle to protect themselves and their customers.”

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