The ‘Customer First’ Data Breach Response A rapidly changing landscape means a radical rethink for UK businesses.
The data breach landscape in the UK has changed beyond all recognition over the last few years. More than four in ten Britons (42%) have been affected in some way by a breach, and their levels of concern are growing.
Cybercrime has become increasingly complex and sophisticated, and unprecedented levels of personally identifiable information are being traded illegally on the dark web. More than 110 million pieces of information were traded in 2014 alone, a 300% increase since 2012. And in one single day in February 2015, more personally-identifiable information was traded illegally on the dark web than in a three-month period in 20141 – suggesting the situation is set to worsen further this year. This is mirrored by the rapid growth in identity-related crimes in the UK; identity fraud now accounts for 46% of all fraud attempts2.
Data breaches have become far more expensive to deal with. According to research from the Ponemon Institute, the average cost of dealing with a data breach has risen by 26% since 2011, having risen by just 3% in the preceding three years3.
But these changes could well be just the beginning, and the data breach issue is likely to accelerate over the next two years: A perfect storm of tougher regulation, increasingly negative public sentiment and rising costs will leave organisations of all shapes and sizes in no doubt that being prepared to respond quickly and effectively is no longer a matter of choice.
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