According to a recent research NTT Com Security, two-thirds of UK business are resigned to suffer a security breach.
Although there’s been a slight improvement on the budget percentage to be put towards security, still two-thirds of the 1000 respondents are resigned to suffering a security breach at some point in the future, with the cost of recovering from an attack reported to start from around $1 million.

Almost all respondents admitted that if information was stolen from their organization there would be both external and internal impacts such as loss of customer confidence (69%) and damage to reputation (60%).

The report also found that just 41% of companies have some form of insurance covering them for the financial impact of data loss and security breaches, with 12% not covered for either. However, more than half (52%) said they have a formal information security policy in place and a further 27% are in the developmental stages of implementing one.

Even though it’s encouraging to see that the majority of UK businesses now have or are working to have a formal IT security policy in place, it seems that many still require help in implementing these policies, given that a lack of compliance and incident response planning are both cited as reasons that any relevant insurances could be invalidated.

Source: www.infosecurity-magazine.com/news/two-thirds-business-resigned-to/