Annual Data Breach Survey Results
As data breaches remain a rising threat across industry lines and the GDPR celebrates its first anniversary, the past year has seen a continued increase in organisations prioritising cyber-security. And rightfully so—the Department for Digital, Culture, Media & Sport recently released their annual cyber-security breaches survey, complete with robust statistics supporting the importance of implementing risk management measures against data beaches.
Be sure to review the following key statistics from this year’s survey and consider what you can do to bolster your organisation’s cyber-security practices:
Breaches are common— No establishment is immune to cyber-attacks. In fact, over 30 per cent of businesses and over 20 per cent of charities experienced a breach in the past 12 months. And that’s just what we know about. What’s more, 30 per cent of businesses and 21 per cent of charities reported suffering negative impacts from a cyber-incident in the last year—including temporary loss of access to files or networks, corrupted or damaged software systems and websites, or online services either taken down or slowed.
These forms of attack are deadly— Of the various ways an organisation can suffer from a data breach, the most disruptive forms included being sent fraudulent emails or links, others impersonating the organisation in emails or online, and viruses or malware.
The price tag is significant— It’s no secret that a cyber-attack can entail wasted time and money for an organisation. In terms of their most disruptive breaches, businesses spent an average of three days handling an attack (4.5 days for charities) and paid average costs of £4,180 (£9,470 for charities)—a price tag that has risen by nearly £2,000 in the past two years.
Organisations are taking action— To combat the growing threat of cyber-attacks, organisations have taken considerable strides to bolster their cyber-security efforts. Common risk controls include applying software updates when available, having up-to-date malware protection and using firewalls with an appropriate configuration. In addition, 33 per cent of businesses and 36 per cent of charities now have formal policies covering cyber-security risks.
GDPR made a difference— Since it’s implementation, 30 per cent of businesses and 36 per cent of charities have made changes to their cyber-security practices due to the GDPR.
Insurance is still lacking— Despite the efforts taken to improve cyber-security, only 11 per cent of businesses and 6 per cent of charities have a cyber-security insurance policy. Don’t miss out on the best protection against a cyber-attack—for more information on cyber-insurance solutions, contact CIEEM Insurance Services today.