Insights From Our Just Released 2019 Data Protection Report
Consumer trust and data security are making headlines around the world. Yet, despite this global trend, businesses don’t seem to be taking the issue of information security seriously. This week, Shred-it released its latest study on data protection, the 2019 Data Protection Report (DPR), and the results are surprising - and concerning. While businesses are incredibly confident that they will not suffer a data breach within the next 10 years, consumers are more concerned than ever. Consumers want businesses to demonstrate that they are making data security a priority, or, they will take their business elsewhere.
When one data breach has the potential to cost a business millions of dollars in lost revenue, not to mention loss to its reputation and committed customer base, our study confirms that businesses must take the issue of data security seriously or suffer the consequences.
The survey, conducted by IPSOS, looked at the data protection practices of both small and large businesses, employers and employees, and found the following in the US market:
1. Lack of training leaves employees unaware of information security policies and procedures.
When asked if their organization has a known and understood policy for storing and disposing of confidential paper documents, one in five (21%) of C-Suites admit they have a policy but that not all employees are aware of it and more than one in 10 (12%) of SBOs said the same.
Three in 10 (30%) of SBOs admit that no policy exists for storing and disposing of confidential paper documents
2. U.S. businesses acknowledge remote work is important to employees, but worries of a data breach grow.
94% of C-Suites and 79% of SBOs agree with the statement that they believe the option to work remotely is going to become increasingly important to their employees in the next 5 years.
However, 88% of C-Suites and 69% of SBOs agree with the statement that the risk of a data breach is higher when their employees work off-site than it is when they work at the office.
3. Despite investments in digital security, U.S. businesses remain vulnerable due to lack of information and cyber security training.
Of the money their organization spends on data security, C-Suites say 59% is spent on digital security and 41% on physical document security, on average. SBOs say 56% is spent on digital security and 44% on physical document security, on average.
Around three in five (58%) working Americans have been targeted by phishing email or social engineering scams at work, of which eight percent (8%) claim to have been victimized by them.
As you can see, it is critical that businesses implement the proper employee training and introduce workplace policies, such as a Clean Desk Policy or a Shred-it All Policy, to help reduce the risk of a data breach from happening.
To learn more about how Shred-it can protect your documents, please contact us to get a free quote and security risk assessment.