Don't cut costs when it comes to security
By Catherine Woods, published 1 year ago in Business Technology.
UK businesses are being warned to pay attention to data protection as when the economy goes down, the number of security risks to a company traditionally goes up.
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Robert Guice, senior vice-president of document destruction company Shred-it UK, says: “With all businesses increasingly under pressure to reduce costs during these economically testing times, it seems that many are overlooking the importance of protecting their confidential information and that of their customers, unaware of the hidden costs that can ensue from data breaches. “If your business is unfortunate enough to suffer a security breach, the real costs associated with the loss will far outweigh any savings made by cutting back on secure data management. The biggest cost comes in the form of irreparable damage to your business’ reputation.”
Recent research from the Department for Business, Enterprise & Regulatory Reform reveals that the average total cost of a UK company's worst security breach can cost between £10,000 and £20,000, with associated costs increasing with the size of the company.
For large businesses (more than 250 staff), it is between £90,000 and £170,000, and for very large businesses (more than 500 staff), security breaches can cost between £1 million and £2 million.
When incidents become known about externally, the survey revealed damage to reputation could cost large businesses between £30,000 and £250,000.
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