COSTA MESA, Calif.,
March 4, 2019 /PRNewswire/
-- Are companies ready for today's sophisticated
cybercriminals and impact of data breaches? Experian®
today released its annual corporate preparedness study, Is Your
Company Ready for a Big Data Breach?, revealing that progress
has been made, but companies need to do better. Conducted by the
Ponemon Institute, the findings reveal that only 36 percent of
businesses are prepared to respond to a data breach and confidence
levels to control growing threats is low.
The study identified these key areas for improvement:
- C-Suite Engagement: 49 percent of survey respondents say
their executives are unknowledgeable about plans to deal with a
data breach. A majority (81 percent) feel that increased
participation and oversight from senior executives would make their
response plan more effective.
- Security Processes: The biggest barrier to improving
security is lack of visibility into end-user access of sensitive
information (63 percent) while 60 percent say it's the
proliferation of cloud services. Hindering improvement is
investment in security technologies with a third not planning any
investments in the next year.
- Employee Training: More than a quarter of organizations
(27 percent) don't have a privacy/data protection awareness and
training program for employees with access to sensitive or
confidential information. Less than half of companies (47 percent)
tackle spear phishing attacks.
- Response Plan: 42 percent of professionals surveyed say
their company doesn't have a set time period for reviewing and
updating their data breach response plan, and 23 percent haven't
updated their plan since it was put into place. Less than half (46
percent) have procedures for responding to a data breach involving
overseas locations.
"We'd like to see 100 percent of companies prepared and trained
to handle any kind of data breach whether it's malware infiltration
or ransomware. Prevention is the key, but if an incident occurs,
swift management afterward will greatly minimize the damage," said
Michael Bruemmer, vice president of
Data Breach Resolution at Experian. "Organizations should implement
a strong security posture staying up to date with the latest attack
threats, engage in pre-breach agreements with security partners and
hold a practice drill every year with a dedicated response
team."
Lack of preparation leads to low confidence levels
Executives still feel challenged and concerned about being fully
prepared for a data breach. Only 52 percent rated their plans as
very effective, just a slight increase over 2017 (49 percent). When
it comes to responding to a data breach involving business
confidential information and intellectual property, only 36 percent
feel prepared to respond. More than half (59 percent) aren't
confident that they could handle ransomware.
Consequently, businesses continue to struggle with preventing
security incidents. The study found that 35 percent had two to
three data breaches in the past two years, and approximately 1 out
of 10 companies (11 percent) experienced more than five data breach
incidents in this timeframe. Among the respondents who had a data
breach, 43 percent were global in nature. The report further
recognized that businesses are struggling to comply with the
General Data Protection Regulation (GDPR) — only 36 percent are
following the rule.
After a data breach occurs, companies feel even less confident
about managing the aftermath:
- Less than a quarter (21 percent) feel confident in their
ability to minimize the financial and reputational
consequences.
- Only 4 in 10 say they're effective at doing what needs to be
done to prevent the loss of customers and keep business partners'
trust and confidence after a breach.
- 53 percent don't have a cyber insurance policy that can help
recoup expenses and cover damages.
To read the full complimentary report, visit
http://www.experian.com/data-breach/2019-data-breach-preparedness.html.
About Experian
Experian is the world's leading global
information services company. During life's big moments — from
buying a home or a car, to sending a child to college, to growing a
business by connecting with new customers — we empower consumers
and our clients to manage their data with confidence. We help
individuals to take financial control and access financial
services, businesses to make smarter decisions and thrive, lenders
to lend more responsibly, and organizations to prevent identity
fraud and crime.
We have 16,500 people operating across 39 countries and every
day we're investing in new technologies, talented people and
innovation to help all our clients maximize every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
Experian and the Experian marks used herein are trademarks or
registered trademarks of Experian and its affiliates. Other
product and company names mentioned herein are the property of
their respective owners.
Contacts:
Richard
Krueger
1 212 805
3025
rkrueger@rubensteinpr.com
Sandra
Bernardo
Experian
1 949 567
3676
sandra.bernardo@experianinteractive.com
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SOURCE Experian