A survey of 115 UK business leaders has found that the majority are concerned about the continued threat posed to their businesses by data loss and inadequate security measures.
The Ponemon Institute conducted the report on behalf of IBM in order to examine the prevailing attitude of CEOs towards data protection and it found that 77 per cent have actually seen their businesses suffer from a data breach in the past.
The most worrying revelation was that every single one of those questioned had seen an attempted attack against their systems in the last year.
76 per cent of the CEOs said that it was imperative for them to reduce the number of weaknesses in systems which were necessary for the continued operation of their businesses.
Confidence amongst the CEOs in current security measures was minimal, with less than a fifth saying that they were certain a data breach would be avoided in the next 12 months. Conversely, 81 per cent said that they felt the proper formulation of a strategy to deal with data loss would be an effective investment.
The Ponemon Institute’s founder said that CEOs across the country were beginning to come to terms with the fact that proper planning for prevention of data loss and the recovery after a breach, are necessary in the modern world.
Most CEOs are said to be willing to spend money on data security in order to save money in the long run by avoiding the costs that would be incurred in the aftermath of a serious breach, not to mention the damage to the reputation of the firm.
The respondents whose firms had invested in better data management and protection had seen a total of over £11 million in savings between them.
IBM’s Daniel Sabbah said that CEOs understood the need to address issues before they arise in order to prevent data loss and regulatory ramifications in the future.
It is estimated in the report that each piece of data that is lost during a breach costs the affected firm an average of £112, although the CEOs noted a higher rate of £143 based on personal experience.
