No Longer Optional: Invest in Data and Information Security Now or Pay Later
2021 Data Protection Report Reveals the Need to Protect Data Has Never Been More Important
With security threats on the rise and the average data breach costing $9.05 million,1 North American businesses, large and small, can no longer consider data protection and security an optional investment. The 2021 Data Protection Report (DPR) reveals critical insights and recommendations to improve data security practices.
Read the report to:
- Uncover digital and physical security risks facing businesses
- Gain access to valuable recommendations to address information
security deficiencies - Improve your company’s data security reputation
Source: 1. Ponemon Institute, IBM Cost of a Data Breach Report, 2021.
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The Stakes Have Never Been Higher
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Data Security Reputation Impacts Consumer Perspective
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Insider Threats Continue to Loom
Approximately four out of 10 business leaders rate the risk of an attempted data breach in the next 12 months as a ‘4’ or ‘5’ on a 5-point risk scale, with ‘5’ being the highest risk. This may leave businesses unprepared, as more than half of businesses surveyed don’t have an incident response plan.
Data security reputation plays a strong role in consumer perspectives and behaviors. Consumers continue to take their information security very seriously and will take action if their data is compromised—50% will switch to a new brand after one bad experience.
While malicious insiders and outsiders are sources of data breaches in many cases, ‘trusted’ insiders are as likely to have been the source. Forty percent and nearly 25% of data breaches are caused by external partners and employee error, respectively.
Approximately four out of 10 business leaders rate the risk of an attempted data breach in the next 12 months as a ‘4’ or ‘5’ on a 5-point risk scale, with ‘5’ being the highest risk. This may leave businesses unprepared, as more than half of businesses surveyed don’t have an incident response plan.
Data security reputation plays a strong role in consumer perspectives and behaviors. Consumers continue to take their information security very seriously and will take action if their data is compromised—50% will switch to a new brand after one bad experience.
While malicious insiders and outsiders are sources of data breaches in many cases, ‘trusted’ insiders are as likely to have been the source. Forty percent and nearly 25% of data breaches are caused by external partners and employee error, respectively.
Industry Insights
Fast Facts
Impact of Data Breaches Too Large to Ignore
Large businesses in Canada were more likely (42%) to cite damage to their reputation and credibility, as compared to their U.S. counterparts (27%).
Despite Policies and Training, Employees Struggle to Put Learnings into Practice
Approximately half of North American business leaders (U.S. 49% and Canada 53%) indicate that the lack of understanding of the threats and risks to the organization is the biggest barrier to employees followed by information security policies.
Consumers are Concerned about Their Data Remaining Confidential
Nearly 1 in 4 North American consumers indicate that companies fall below their expectations for timely, transparent communications regarding data leaks.
Businesses Indicate Environmental Sustainability Is a Top Factor When Choosing Who to Do Business With
Approximately 90% of businesses prioritize environmental sustainability when sourcing a partner.