A recent study conducted by NTT Com Security, a global information security and risk management company, revealed that only about one-third of U.S. data is currently secure.
The study included 100 U.S. senior business executives. When questioned, only 29 percent of these decision-makers said that data security was a major challenge to running a successful business. Business leaders also reported that only 10 to 12 percent of IT funds are currently budgeted for company security.
Of the respondents, 16 percent thought there would be no direct financial loss to their business as a result of a data breach, and 72 percent said they would expect the long-term impact to be minimal.
“Data breaches are becoming commonplace and with only about a third of stored data completely secure, this is just the tip of the iceberg,” said Chris Camejo, director of assessment services for NTT Com Security US. “Senior executives need to start asking the questions including, ‘what does completely secure mean and how do they know their organization’s data is completely secure?’ In my experience with our clients, they believe they are completely secure, until we run tests and discover the opposite is true.”
Security experts are becoming increasingly concerned about the apparent apathy on the part of business executives, especially in light of the recent string of data breaches that have affected companies from Home Depot to UPS. Data breaches can put customers in peril, exposing their sensitive personal information linked to identities, bank accounts and even health insurance. Breaches also deteriorate consumer trust in an organization, so businesses should not underestimate their negative effects.
Make sure your company is operating an up-to-date and fully secure point of sale system, especially before the holiday season gets fully underway.