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Many UK businesses are unequipped to respond to potential data breaches, according to two new independent reports published this week.
The reports by BlueCoat and Experian were both released on Tuesday, finding that UK firms in particular are unprepared for the growing possibility of cyberattacks.
Despite a number of large-scale data breaches hitting the news in recent months, Experian found that a third of businesses in the UK have no data breach response plan at all. Furthermore, according to SC Magazine, the number of businesses with specific budgets set aside to deal with data breaches also accounted for a third, despite 81 per cent saying that they are concerned about the financial impact of recovering from such an attack.
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.”
Meanwhile, the findings of the BlueCoat report were no more positive. The study of 1,580 infosec professionals found that for 61 per cent of UK businesses it took high profile breaches in the news for them to consider the importance of cybersecurity. The BlueCoat report also found that UK firms are more likely to deploy new technology without thinking of the associated security risks.
As noted by Info Security Magazine, the report findings are particularly worrying after Experian found that almost a fifth of UK businesses had suffered at least one data breach in the last two years. The sample study also recorded that 40% of British consumers have been affected by breaches, and 64% are worried that they might fall victim in the future.
Author Kyle Ellison, ESET