Experian Data Breach Resolution and Ponemon Institute Find Organizations Are Not Ready for Global Security Risks and Regulations
Only 9 percent of companies are prepared for the Global Data Protection Regulation (GDPR) half don't know where to begin
The study, Data Protection Risks & Regulations in the Global Economy, asked more than 550 IT security and compliance professionals, involved with their companies' global privacy and data security regulations, to weigh in on the top global security risks, as well as how prepared they feel their companies are to respond to a global data breach.
The study found that more than half (51 percent) of companies surveyed had experienced a global data breach, with nearly 56 percent experiencing more than one breach in the past five years. Yet, despite these major security intrusions, 32 percent of respondents noted that their respective companies still don't have a response plan in place.
Additional key findings from the study:
- The GDPR notification requirements will be difficult to implement
- Companies aren't adequately prepared to respond to a global data breach
- Companies fail to prioritize global regulations and remain skeptical about benefits
"Despite increasing reports of the damage caused by global data breaches, the study emphasizes that the increasing risk of, as well as the experience of going through, a global data breach isn't enough to lead CIOs and CSOs to prioritize compliance measures in line with what is expected in the GDPR," said Michael Bruemmer, vice president, Experian Data Breach Resolution. "More emphasis is required from companies, especially those with a multinational footprint, to get ahead of impending global regulations and risks. They can start by conducting risk assessments and investing in new technologies, such as encryption, as well as considering appointing a data protection officer to oversee compliance."
Read more: https://www.privacyrisksadvisors.com/news/download-the-report-data-protection-risks-regulations-in-the-global-economy/