UK Faces Rising Data Breach Costs
UK Faces Rising Data Breach Costs

IDC predicts that, by 2020, 1.5 billion people – a quarter of the world’s population – will be affected by data breaches. Data breach incidents in the UK were up in 2015 across all sectors, with a particularly large spike in incidents in the healthcare sector.

According to the new Risk:Value 2016 report, organisations in the UK expect a data breach to cost them £1.2 million on average, higher than figures reported in other countries, even without figuring in hidden costs like brand erosion or reputational damage. The UK Cyber Security Strategy published in 2015 showed that UK organisations faced breach costs of £1.46m – £3.14m for a large organization—a huge increase over figures from the previous year. Although this new survey does not differentiate between large and small businesses, it also clearly demonstrates the acceleration in breach costs faced by organisations in the UK.

With the EU General Data Protection Regulation (EU GDPR) set to roll out in the near future, organizations in the UK will be under even tighter pressure on how they handle data and respond to data breaches. Although it will take two years to be fully implemented across EU member states, the new legislation will introduce fines up to €20 million, or 4% of annual worldwide turnover, whichever is greater.

Thankfully, organizations in the UK have time to improve their scorecard before the EU GDPR kicks in. We encourage you to read about the Top 5 Things You Need to Know about the EU GDPR, then take steps to Avoid the Pitfalls of the New EU Data Protection Regime.

Absolute Data & Device Security (DDS) allows organisations to persistently track and secure all of their endpoints within a single cloud-based console. Computers and ultra-portable devices such as netbooks, tablets, and smart phones can be remotely managed and secured to ensure—and most importantly prove—that endpoint IT compliance processes are properly implemented and enforced. Learn more here. 

ABOUT THE AUTHOR

Arieanna Schweber

Arieanna Schweber has been a part of the Absolute writing team since 2007. Arieanna was Canada’s first female professional blogger and has been professionally blogging since 2006 and has spoken at leading blogging conferences including BlogHer and Northern Voice. Arieanna has a joint degree in Business and Communications from Simon Fraser University and continues to build communities for Vancouver-based clients.