[BreachExchange] Data breach four-times worse than CEO quitting

[Audrey McNeil]

https://www.siliconrepublic.com/enterprise/2016/03/24/data-breach-4-times-worse-than-ceo-quitting

The likelihood of a company suffering a data breach has increased tenfold
in today’s age of heightened cyberattacks and an abundance of devices
connected to the internet of things (IoT).

In the last few days alone, three hospitals in the US have been the victims
of ransomware attacks, with attackers demanding cash to allow the
hospital’s IT staff to gain access once again to their servers.

A recent poll conducted for BT Ireland has highlighted that data protection
concerns are shared by both those at the coal face of a company’s security
operation, and by those at the highest level of the company as well.

Data protection more important than financial health

The poll, of 115 senior Irish IT decision makers in companies with an
average employee size of 300 staff, showed that fear of a data breach is
now the biggest worry for a company, four-times bigger than the sudden
departure of an influential CEO.

Likewise, of those polled, 67pc said they believe that a company’s
statements to investors should specifically address data management
capabilities in the future and, additionally, 62pc said they believe that
future investors will use data management capabilities to assess a
company’s financial health, just as they do with profits and assets
currently.

Shay Walsh, managing director of BT Ireland, said of the study’s findings:
“Our research reveals that Ireland’s savvy IT leaders recognise and
understand the need for their employers to invest in the right
infrastructure now that will enable them to better manage and extract value
from data and, ultimately, protect themselves from serious data management
risk in the future.”
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