Survey: Data Security Risks Underestimated By Managers Poll Finds UK Decision-Makers Lag Behind On Data Risks 14.11.2014 Fergal Dowling, Partner | +44 (0)121 214 5476 The risks associated with data security are still not understood or taken seriously enough by a large number of business executives in the UK, a new study suggests. The survey of 800 non-IT decision-makers, carried out by NTT Com Security, revealed that 56 per cent of respondents in the UK think their business is likely to suffer a security breach at some point. Despite the fact that 73 per cent believe it is important for businesses to have insurance against data loss, only 49 per cent were confident that all critical data was "completely secure". Additionally, the survey suggested a lack of knowledge about the impacts of a security breach. A fifth believed there would be no impact on revenue, while 28 per cent said they did not know what the financial implications would be. "Unfortunately, security at the board level still tends be associated with data protection and compliance, when in fact securing data properly is absolutely critical to enabling businesses to thrive and survive," said NTT Com Security's senior vice-president of strategy and alliances Garry Sidaway. "There's also a growing disconnect between the cost of breaches and the importance that organisations place on IT security to drive these costs down." Expert Opinion It is a concern to see less than half of the respondents to this poll confident that their critical information and data is secure from potential risks, with such findings being a clear sign that steps need to be taken to ensure those in businesses of all sizes are aware of the importance of protecting such data. "This is particularly business critical for SMEs, as the survival of such companies can often being dependent on complying with key regulations. A failure to adequately protect both company and client information can lead to significant financial penalties, as well as reputational damage. "Companies should not delay in speaking to legal experts on the steps they can take on these issues." Fergal Dowling, Partner Press contact Fergal Dowling Partner +44 (0)121 214 5476 Email Fergal Tags SME Fergal Dowling Birmingham Related articles 20.02.2017Financial Conduct Authority And Prudential Regulation Authority Publish Decision Making Changes 15.02.2017Cocoon Aims To Secure £2.5m For Latest Expansion Drive 14.02.2017Serious Fraud Office - The Big Funding Debate 14.02.2017Inflation Rises As UK Feels Effect Of Weak Pound Post-Brexit Vote 10.02.2017Today's Court Of Appeal Ruling To Have Impact on Uber And Other Firms In 'The Gig Economy'