Businesses aren't doing everything they can to keep their customers' personal information safe, with security breaches on the rise.
Only half of the surveyed businesses feel their organization makes the best possible effort to protect customer and consumer information. This was the result of a study by Experian Data Breach Resolution and the Ponemon Institute.
Specifically, 60 percent of the businesses reported that customer data – including credit card information and social security numbers – that had been lost or stolen was not encrypted.
The research shows that breaches most often are the result of a negligent insider or the result of outsourcing data to a third party. But what has to be kept in mind is that not all breached data is the result of a malicious attack by cybercriminals, however.
According to Ozzie Fonseca, senior director at Experian Data Breach Resolution, The responsibility of keeping customers' information secure cannot lie solely on the shoulders of IT; rather, every executive in the organization should be aware, since the reverberation of a breach will be felt by everyone.
After experiencing the damage that can be done from a security breach, estimated at $214 per record, 61 percent of businesses increased their security budget and 28 percent hired additional IT security professionals.
Conducting training and awareness programs and enforcing security policies should be a priority for organizations, since negligent employees or contractors make organizations the most vulnerable to future breaches.
With increased privacy and data protection comes the need for larger security budgets. It doesn't just take time; it takes monetary support, as well.
This was a study that was based on surveys of more than 500 IT professionals who have experienced a data breach at their company.