Lloyds warns businesses about taking data security more seriously

Yellow computer folder with key. Isolated 3d imageBusinesses are in no position to disregard the intricate problems of data security, with recent research from Lloyds of London showing that the vast majority of European businesses’ data security has been breached in the past five years.

The research surveyed 350 European senior business decision-makers, with 100 of them being from the UK.

The research revealed that despite those alarming statistics, only 54% of CEOs take responsibility for data security, and only 42% of businesses prepare for the possibility of a second attack. Only 13% of them believe they will lose trade in the event of a data security breach.

It is especially alarming that as many as 97% of UK businesses have experienced some kind of data breach in the last five years, while 92% of businesses from other countries have admitted the same.

According to Inga Beale, Lloyd’s CEO, the survey results can serve as a warning that businesses still approach the intricate matter of data security too light-heartedly, and that they underestimate the damage potential of being compromised.

She went on to say that the world of today is no longer a place where one can reliably prevent breaches from happening. Instead, she suggests that businesses need to focus on managing them and do their best to protect the company and its customers from harm.

John Grimm, senior director at Thales e-Security, suggests that business owners need to place more emphasis on advanced security access control techniques, such as strong encryption with proper key management.