UK companies no longer believe data breaches are something that usually happens to someone else – they're now expecting it, and expecting it to cost.
According to the latest Risk:Value (opens in new tab) report from NTT Com Security, the majority of businesses in the UK (57 per cent) nowadays expect to be breached, and anticipate it would cost them £1.2 million on average. This is the highest number globally, the report adds. This does not include hidden cost like brand erosion and reputational damage. UK's businesses expect the recovery to last at least two months, following a 13 per cent drop in revenue.
That's not all the report has to say – 48 per cent of UK business decision makers consider information security 'vital' to their organisation, 50 per cent believe it's 'good practice', while 20 per cent consider it the 'single greatest risk' to business.
“Attitudes to the real impact of security breaches have really started to shift, and this is no surprise given the year we have just had,“ says Stuart Reed, senior director for Global product marketing at NTT Com Security. "We’ve seen several major brands reeling from the effects of serious data breaches, and struggling to manage the potential damage, not only to their customers’ data, but also to their reputation. While the majority of people we spoke to expect to suffer a cyber security breach at some point, most fully expect to pay for it as well – whether that’s in terms of third party and other remediation costs, customer confidence, lost business or even possibly their jobs.”