February 25, 2021

Information Security: Looking at Big Business and Small Business Preparedness

Shred-it’s 2020 Data Protection Report (DPR) reveals that businesses may not be as effective at preventing data breaches as they could be. Safeguarding sensitive information is especially important right now, given the increasing number of employees working from home and the recent spike in cybercrime. Although C-suite executives and small business owners (SBOs) surveyed agree that companies should do more to protect confidential information, there are some key differences between big and small businesses in how they view information security processes.

C-Suite Executives

• 43% have experienced a data breach, up from 32% in 2018
• 65% believe one is likely to happen in the next five years
• If a breach were to occur, 42% think their customers would expect compensation
• 57% said it took their organization a week, or longer, to detect the data breach
• 62% use a locked console in the office and either an in-house or a professional shredding service to dispose of confidential documents
• 60% have a policy for disposing of confidential paper documents that is known, understood, and adhered to by all employees
• 24% do not regularly train employees on information security policies and procedures
• 45% conduct random security checks

Small Business Owners

• 12% have experienced a data breach, up from 3% in 2018
• 31% believe one is likely to happen in the next five years
• If a breach were to occur, only 22% think their customers would expect compensation
• 71% said it took their organization a week, or longer, to detect the data breach
• 32% use a shredding machine but no locked console to secure confidential documents prior to shredding
• 42% have a policy for disposing of confidential paper documents that is known, understood, and adhered to by all employees
• 54% do not regularly train employees on information security policies or procedures
• 20% conduct random security checks

Large or small, businesses of all sizes should have policies in place to promote information security.

Download Shred-it’s 2020 Data Protection Report.