A report published by the IT Policy Compliance Group has found that 90% of all businesses do not have sufficient policies in place to comply with government regulations or to mitigate the risk of a data breach.
The survey of 475 companies found that the 10% of companies that are well positioned in terms of compliance suffer the fewest security issues. As logical as this sounds, it nevertheless can make a significant difference - leaders experience 2 or fewer security events per year, while the worst of laggards experience 17 or more security events per year. Those companies with poor policies suffer 22 or more data breaches per year.
“When it comes to protecting data, a lot of organizations still find information all over the place that they may not even have control over,” Hurley said. “People are finally discovering this is a difficult problem and that the controls they thought they have in place may not be adequate; that they need to re-think those controls and find out where the data inventory actually is because in most organizations, it’s not under control.”
There is a large upside to investing in compliant security policies. A data breach has significant financial risks: share price, customers and revenue can plummet and there is an additional hard cost in excess of $180/customer record associated with a breach.
Investing in compliance and data protection - a cost ranging from 0.03% to 0.2% of total spending - has returns from 100-1000%. At a cost of less than 1% of annual spending, the crippling losses to revenue, share price, customer loyalty and reporting can be mitigated. The benefits gained from investing in compliance technology is disproportionately great when compared to the costs, risks, security issues and headaches caused by even a minor security breach.
With the current regulatory environment and the increased news coverage of data breaches, the survey indicated that companies are now realizing that they need to spend money to solve their security issues.
You can download the report here.
Via techworld.nl & infoworld ; Tags: security, security policy, compliance, government, regulations, it security, it compliance, security regulations, it regulations, data breach, data security
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