New Report from NTT Com Security Highlights Critical Importance of Data Protection
11 February 2016 - 2:00AM
Business Wire
Research Report Shows Devastating Anticipated
Cost of Breaches
NTT Com Security, the global information security and risk
management organization, has issued a new Risk:Value research
report which highlights the critical need for organizations to
protect their data. The report shows that 65% of business decision
makers surveyed expect to suffer an information security breach –
at an average cost of almost one million dollars and a recovery
time of two months.
“This report makes it clearer than ever how critically important
it is for organizations to implement a comprehensive solution to
protect their data,” said Christopher Camejo, Director of Threat
and Vulnerability Analysis, NTT Com Security. “Fortunately,
business leaders are now recognizing the risk to their
organizations’ revenues and reputations, and beginning to take
action to protect critical and confidential data from attacks.”
Survey participants reported that they expect to suffer severe
monetary and reputational consequences from an information security
breach. Respondents estimate a breach would take nine weeks to
recover from and would cost, on average, $907,053, – even before
taking into consideration the cost of any reputational damage,
brand erosion and lost business. Additionally, decision makers
approximate that connected remediation costs would include legal
fees, compensation to customers, third party resources and fines or
compliance costs. Other expected remediation costs include PR and
communications and compensation to suppliers and employees.
Further, companies predict a 13% drop in revenue as a result of a
breach.
According to the report, almost all respondents say they would
suffer external and internal impacts if data was stolen in a
security breach, including loss of customer confidence (69%) and
damage to reputation (60%). One third of business decision makers
also expects to resign or expects another senior colleague to
resign as a result of a breach.
While 54% of those surveyed say information security is ‘vital’
to their business and nearly a fifth (18%) agree that poor
information security is the ‘single greatest risk’, two-thirds
(65%) predict that their organization will suffer a data breach
sometime in the future.
“The devastating cost of a data breach cannot be overstated, and
as this report shows, many organizations simply are vulnerable,”
said Camejo. “Our objective at NTT Com Security is to provide a
broad range of solutions to protect data and reduce the risk of a
catastrophic breach.”
The Risk:Value Executive Summary report can be downloaded
from:
https://www.nttcomsecurity.com/us/landingpages/risk-value-2016/
The Risk:Value U.S. infographic can be downloaded from:
http://www.nttcomsecurity.com/uploads/documentdatabase/US_Infographic_RiskValue_Public_Approved_V1.pdf.PDF
Research demographics
Commissioned by NTT Com Security the research was conducted by
Vanson Bourne during October and November 2015. 1,000 business
decisions makers (not in IT) were surveyed in the US, UK and
Germany (200 in each), and France, Sweden, Norway and Switzerland
(100 in each). Organizations had more than 500 employees, but those
in Norway, Sweden and Switzerland could come from organizations
with at least 250 employees. There were a minimum number of
responses from the financial services sector (at least 50 in UK,
US, France & Germany and minimum of 30 in the other
countries).
About NTT Com
Security
NTT Com Security is a global information security and risk
management organisation, which delivers a portfolio of managed
security, business infrastructure, consulting and technology
integration services through its WideAngle brand. NTT Com Security
helps organizations lower their IT costs and increase the depth of
IT security protection, risk management, compliance and service
availability. NTT Com Security AG, is headquartered in Ismaning,
Germany and part of the NTT Group, owned by NTT (Nippon Telegraph
and Telephone Corporation), one of the largest telecommunications
companies in the world. For more information, visit
http://www.nttcomsecurity.com.
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LRG MarketingSara Chaput,
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