Cyber risk research, carried out by Noddle Protect and YouGov amongst senior decision-makers in large businesses, has revealed that 51% are being kept awake at night by the threat of a data breach caused by a cyber-attack; and 49% are having sleepless nights about a data breach resulting from data theft or irresponsible action.
Noddle Protect, which launched recently, is a data breach solution from Callcredit Consumer Markets, which is designed to safeguard businesses from the reputational damage of a data breach and safeguard consumers’ digital identity.
If businesses were to fall victim to a data breach, 57% say their biggest concern would be damage to their reputation, ahead of a loss of customers (17%), fine by a regulator (8%) or fall in share price (7%).
A significant 81% of business decision-makers say their business is prepared to tackle a data breach compared to 12% who say they are not. In order to protect themselves against a data breach, 53% say their business has put in place a business continuity plan, whilst 43% have a crisis management plan; but only 39% have put in place a security monitoring team and only 38% had appointed a board director with responsibility for IT security such as a Chief Risk Officer or Chief Data Officer.
Most worrying of all, 68% of respondents had not heard of the proposed EU General Data Protection Regulation, and the potential for a fine of 4% of their organisation’s global turnover following a serious data breach.
“Managing strategic risk and reputation has become a high priority for executives operating in today’s digital plc,” said Jacqueline Dewey, Managing Director, Callcredit Consumer Markets. “Noddle Protect can help safeguard businesses from the reputational damage of a data breach and safeguard consumers’ digital identity.”
Noddle Protect enables businesses to put in place a fast and effective remediation plan to help safeguard their customers who may have had their personal data compromised following a data breach. The service can be available within 48 hours of a breach occurring and consumers who sign up to the service can identify and respond to fraudulent activity, helping them to mitigate any damage to their credit profile caused by criminals.