It turns out that massive hacks against Sony Pictures, Anthem, and event the IRS are not enough to persuade some business executives to protect their companies from data breaches.
A recent survey of 1,000 business executives show that only 50% had a formal plan in place to protect their companies’ data and networks in the case of a cyber attack. Incredibly, while 65% of those decision makers expect to suffer an information security breach, only half had made contingency plans. At an average cost in the millions and recovery times likely beyond two months, that’s incredibly short-sighted.
The respondents represent both U.S. and European companies, with a majority working in the finance sector. Almost all said they expected a data breach to have a serious negative impact on their companies’ reputations, along with the loss of their customers’ confidence. A third of them expect that they or another colleague will need to resign as a result of a breach.
Last statistic before we engage in a little thought exercise: More than half (54%) of those surveyed said information security forms “a vital part of their business strategy.”
Cynical question #1: If you anticipate a data breach, and even expect it to cost you your job, why wouldn’t you invest in security solutions that might help you mitigate the effects of such an event?
Cynical question #2: If you anticipate a data breach, and refuse to invest in security solutions designed to mitigate the effects of that event, do you even deserve your job?
Most decision-makers would rather wait for an attack and then clean up the mess than invest in security best practices before one occurs. Adopting a multi-layered security solution that addresses vulnerability issues and puts appropriate policies and procedures in place beforehand will cost less in the end than the long-term reputational and financial damage created by a breach. Especially with the rising costs associated with breaches including investigation, remediation, regulatory fines, identify theft repair, loss of business, and potential lawsuits.
Stop procrastinating. Contact SLPowers today and speak with our industry experts about implementing a multi-tiered security solution for your business.