Reputation damage is the biggest impact of data breaches: survey

Published: Thursday, 21 April 2016 08:54

Cyber risk research carried out by YouGov on behalf of Noddle Protect amongst senior decision-makers in large businesses, has revealed that if businesses were to fall victim to a data breach, 57 percent say their biggest concern would be damage to their reputation , ahead of a loss of customers (17 percent), fine by a regulator (8 percent) or fall in share price (7 percent).

A significant 81 percent of business decision-makers say their business is prepared to tackle a data breach compared to 12 percent who say they are not.  In order to protect themselves against a data breach, 53 percent say their business has put in place a business continuity plan, whilst 43 percent have a crisis management plan; but only 39 percent have put in place a security monitoring team and only 38 percent had appointed a board director with responsibility for IT security such as a chief risk officer or chief data officer.