Businesses in the UK are somewhat confused as to why they're trying so hard to protect customer data, new reports by Vormetric suggest.
According to the poll of UK businesses, published in the European Edition of the 2016 Vormetric Data Threat Report (DTR), they're protecting user data because of 'brand and reputation' (50 per cent), 'compliance requirements' (47 per cent), and 'best security practices implementation' (41 per cent).
However, their IT spending plans are telling a different story: compliance is a top priority (48 per cent), while brand and reputation protection dropped at number two with 45 per cent.
From the companies polled, 46 per cent have experienced a breach at some point, with 19 per cent reporting being breached in the last 12 months.
This has led businesses to believe they're less secure now, than they were a year ago.
“For UK-based organisations, protecting reputation and brand integrity was the top reason for securing sensitive information at 50 percent,” said Garrett Bekker, senior analyst, information security, at 451 Research and the author of the 2016 Vormetric Data Threat Report.
“But IT security spending plans tell another story, with compliance the top priority at 48 per cent, while reputation and brand protection spending dropped to 45 percent. Clearly, organisations are having trouble prioritising their budgets to best ensure the safety of customers and the viability of their business.”
For companies looking to include internet of things (IoT) devices into their business, 42 per cent have said protecting the data IoT devices create is the biggest security concern.
The research report is available from Vormetric and can be found here.
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