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Data breach fines could skyrocket this year

(Image credit: Image source: Shutterstock/Wright Studio)

The number and value of fines that businesses will have to pay for mishandling user data will rise in the near future, a new report by DSA Connect claims.

The company that sells services related to data management claims to have polled 1,000 workers, coming to the conclusion that more than a third (37 per cent) expect both the number and value of fines to rise by 2025. Furthermore, six per cent expect a “dramatic rise”, while just three per cent expect the figures to fall.

According to the report, one of the main reasons for this rise lies in the fact that employees have access to a lot more data, compared to previous years. In the last year, almost a third of employees (30 per cent) said they worked with more data.

When it comes to processing and storing data, however, most employees (76 per cent) believe their companies are doing a good job. On the other hand, though, most employees don’t even know if their businesses have data sanitation policies sat up.

“With developments such as the Internet of Things (IoT) employers are dealing with more data than ever.  They also have to contend with a rise in the number of cyber-attacks and ever more stringent legislation around protecting client data and how they use it,” commented Harry Benham, Chairman of DSA Connect.

“Employers need to invest more time and resources in enhancing their strategies against this.”