GlobeNewswire

Less than half of global executives believe GDPR compliance is relevant to their business, while a fifth admit they don't know - NTT Security Risk:Value report shows

Dela

Concerning numbers admit they do not know where corporate data is stored, or if all of their critical data is securely stored

LONDON, July 10, 2017 (GLOBE NEWSWIRE) -- Many global business decision makers are unaware of the implications of the forthcoming General Data Protection Regulation (GDPR), as well as other compliance regulations like PCI-DSS and ISO27001/2, with one in five admitting they do not know which regulations their organization is subject to. This is according to the 2017 Risk:Value report, commissioned by NTT Security, the specialized security company of NTT Group, which looks at attitudes to risk and the value of information security to the business.

The survey of 1,350 non-IT executives across 11 countries, reveals that just four in ten (40%) respondents globally believe their organization will be subject to the EU GDPR. Perhaps of most concern is the one in five (19%) who admit they don't know which compliance regulations they are subject to. In the UK, just 39% of respondents currently identify GDPR as a compliance issue, and 20% admit they don't know, while those outside of Europe are even less aware. Just a quarter of business decision makers in the US, 26% in Australia, and 29% in Hong Kong believe they are subject to the GDPR, despite the fact it will apply to any business holding or collecting data on European citizens.

Coming into force on 25 May 2018, the legislation leaves companies with less than a year to comply with strict new regulations around data privacy and security and could result in penalties of up to €20 million or 4% of global annual turnover, whichever is higher

With data management and storage a key component of the GDPR, the Risk:Value report also reveals that a third of respondents do not know where their organization's data is stored, while just 47% say all of their critical data is securely stored. Of those that know where their data is, fewer than half (45%) describe themselves as 'definitely aware' of how new regulations will affect their organization's data storage. Those in Financial Services & Banking and Computer Services & Technology are most likely to know where their data is stored and which compliance regulations they are subject to.

"In an uncertain world, there is one thing organizations can be sure of and that's the need to mark the date of 25 May 2018 in their calendars," according to Garry Sidaway, SVP Security Strategy & Alliances at NTT Security. "While the GDPR is a European data protection initiative, the impact will be felt right across the world for anyone who collects or retains personally identifiable data from any individual in Europe. Our report clearly indicates that a significant number do not yet have it on their radar or are ignoring it. Unfortunately many organizations see compliance as a costly exercise that delivers little or no value, however, without it, they could find themselves losing business as a result, or paying large regulatory fines."

Quantifying the threat - reputation, revenue and resignations

  • One in eight respondents believe that poor information security is the 'single greatest risk' to the business. The most commonly reported risk is 'competitors taking market share' (28%).
  • According to Risk:Value, 57% of decision makers believe a data breach is inevitable at some point.
  • The impact of a breach will be two-fold, with respondents expecting a breach to affect their long-term ability to do business, together with short-term financial losses. More than half (55%) cite loss of customer confidence, damage to reputation (51%) and financial loss (43%), while 13% admit staff losses and 9% say senior executive resignations would impact them.
  • The estimated cost of recovery, on average, has increased from $907,000 in 2015 to $1.35m in 2017.
  • The estimated impact on revenue has decreased from 12.51% in 2015, but is still a significant 9.95%.
  • Only just over half (56%) of decision makers report that preventing a security attack is a regular item on the board agenda, suggesting that more needs to be done to get it taken seriously at a boardroom level.
  • Respondents estimate on average that only 15% of their organization's IT budget is spent on information security - although this figure has gone up from 13% in 2015 and 10% in 2014. Many report that they spend less on security than on R&D (31%), sales (28%), and marketing (27%).

The need to drive a culture of security

  • 56% of business decision makers say their organization has a formal information security policy in place, up from 52% in 2015. Just over a quarter (27%) are in the process of implementing one - 1% have no policy or plans to implement one.
  • However, while the vast majority (79%) say their security policy has been actively communicated internally, a minority (39%) says employees are fully aware of it. Germany and Austria (85%) are above average in communicating the policy, together with the US (84%) and the UK (83%).
  • The percentage of respondents with an official information policy is unevenly distributed on a per-country basis. In Sweden the figure is just 30%, while in the UK, 72% claim an official policy. By sector, healthcare leads the way, with 69% of companies claiming an official information security policy. Finance comes a close second (66%).
  • Less than half (48%) of organizations have an incident response plan, although 31% are implementing one. But just 47% of decision maker respondents are fully aware of what the incident response plan includes.

Download the 2017 Risk:Value report:  www.nttsecurity.com/RiskValue2017 .

For additional Risk:Value resources:  https://www.nttcomsecurity.com/en/templates/WideangleLandingPage.aspx?p=2875&pv=14629

Notes for editors:

Research demographics

Commissioned by NTT Security, the 2017 Risk:Value research was conducted by Vanson Bourne in March to May 2017. 1,350 non-IT business decision makers (35% at C-level) were surveyed in the US, UK, Germany and Austria, Switzerland, France, Sweden, Norway, Hong Kong, Australia and Singapore. Organizations had more than 500 employees and were selected across a number of core industry sectors.  Approximately a third of responses came from the financial services sector.

About Vanson Bourne

Vanson Bourne is an independent specialist in market research for the technology sector. Our reputation for robust and credible research-based analysis, is founded upon rigorous research principles and our ability to seek the opinions of senior decision makers across technical and business functions, in all business sectors and all major markets. For more information, visit www.vansonbourne.com.

About NTT Security
NTT Security is the specialized security company of NTT Group.  With embedded security we enable Group companies (Dimension Data, NTT Communications and NTT DATA) to deliver resilient business solutions for clients' digital transformation needs. NTT Security has 10 SOCs, seven R&D centers, over 1,500 security experts and handles hundreds of thousands of security incidents annually across six continents.

NTT Security ensures that resources are used effectively by delivering the right mix of consulting and managed services for NTT Group companies - making best use of local resources and leveraging our global capabilities. NTT Security is part of the NTT Group (Nippon Telegraph and Telephone Corporation), one of the largest ICT companies in the world. Visit nttsecurity.com to learn more.

For further information, contact Press Office, t. press@nttsecurity.com or visit www.nttsecurity.com.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: NTT Security (UK) Ltd via Globenewswire

Om

GlobeNewswire



Följ GlobeNewswire

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från GlobeNewswire

Karolinska Development's portfolio company Modus Therapeutics completes enrollment in Phase II study with sevuparin7.1.2019 12:00Pressmeddelande

STOCKHOLM, January 7, 2019. Karolinska Development's portfolio company Modus Therapeutics announces that the patient enrollment has been completed in the Phase II study with sevuparin in patients with sickle cell disease (SCD). The results from the study is expected in mid 2019. Modus Therapeutic's randomized, double blind study contains 140 SCD-patients with Acute Vaso Occlusive Crisis (VOC). It compares intravenously administered sevuparin with placebo. The primary endpoint of the study is the demonstration of a reduced time to resolution of patient's VOC. Clincal sites across Europe and the Middle East took part in the study that was conducted in conjunction with Modus Therapeutics' co development partner Ergomed. SCD has a high unmet medical need as there are currently no approved therapies for VOCs. It is an inherited blood disorder that affects between 90,000 to 100,000 patients in the U.S. and is characterized by severely painful VOCs that lead to organ damage due to a lack of o

Karolinska Development's portfolio company Modus Therapeutics completes enrollment in Phase II study with sevuparin7.1.2019 12:00Pressmeddelande

STOCKHOLM, January 7, 2019. Karolinska Development's portfolio company Modus Therapeutics announces that the patient enrollment has been completed in the Phase II study with sevuparin in patients with sickle cell disease (SCD). The results from the study is expected in mid 2019. Modus Therapeutic's randomized, double blind study contains 140 SCD-patients with Acute Vaso Occlusive Crisis (VOC). It compares intravenously administered sevuparin with placebo. The primary endpoint of the study is the demonstration of a reduced time to resolution of patient's VOC. Clincal sites across Europe and the Middle East took part in the study that was conducted in conjunction with Modus Therapeutics' co development partner Ergomed. SCD has a high unmet medical need as there are currently no approved therapies for VOCs. It is an inherited blood disorder that affects between 90,000 to 100,000 patients in the U.S. and is characterized by severely painful VOCs that lead to organ damage due to a lack of o

Stillfront Group rekryterar ansvarig för M&A19.12.2018 12:07Pressmeddelande

PRESSMEDDELANDE 19 december, 2018 Stillfront Group rekryterar ansvarig för M&A Stillfront Group, en marknadsledare inom 'free to play' online strategispel, annonserar idag att Marina Andersson har utsetts till ansvarig för M&A och kommer att ingå i koncernledningen. Marina har närmare tjugo års erfarenhet från investment banking och M&A. Hon har omfattande erfarenhet inom strategisk och finansiell rådgivning, affärsgenerering, projektledning inom förvärv och försäljningar av företag, finansiell analys, due diligence, samt företagsvärdering. Tidigare positioner inkluderar: Director, Deloitte's Corporate Finance Advisory team, Director, ICECAPITAL Securities, Associate Partner och Investment Manager, Deseven, samt M&A Analytiker på Carnegie. Marina har två magister-examen från Stockholms universitet och Russian Herzen State Pedagogical University. "Förvärv är en viktig del av Stillfronts affärsstrategi och vi är mycket glada att rekrytera Marina Andersson. Marinas breda erfarenhet och pr

Stillfront Group announces Head of M&A19.12.2018 12:07Pressmeddelande

PRESS RELEASE December 19, 2018 Stillfront Group announces Head of M&A Stillfront Group, a market leader in 'free to play' online strategy games, today announces that Marina Andersson has been appointed as Head of M&A and will be part of the Group's management team. Marina has close to 20 years track record of investment banking and M&A. She has extensive competence within strategic and financial advisory, deal generation, buy and sell side M&A project management, financial analysis, due diligence and company valuation. Former positions include: Director at Deloitte's Corporate Finance Advisory team, Director at ICECAPITAL Securities, Associate Partner and Investment Manager at Deseven, M&A Analyst at Carnegie. She holds two Master degrees from Stockholm University and Russian Herzen State Pedagogical University. "Acquisitions are a crucial part of Stillfront's business strategy and we are very pleased with the appointment of Marina Andersson. Marina's breadth of experience and profess

Oboya tecknar ett samarbetsavtal med Gaia avseende biomaterial13.12.2018 11:41Pressmeddelande

Oboya Horticulture Industries AB (publ) ("Oboya") har tecknat ett viktigt och långsiktigt samarbetsavtal avseende miljövänligt biomaterial med Gaia Biomaterials AB ("Gaia") i Helsingborg, Sverige. Avtalet innebär att Oboya använder Gaias biomaterial för tillverkning och utveckling av miljövänliga odlingsprodukter till odlingsindustrin. Oboya har under de senaste åren arbetat aktivt med innovation, miljö- och hållbarhetsfrågor och vårt mål är att främja miljö och hållbarhet inom odlingsindustrin genom att erbjuda miljövänliga odlingsprodukter till våra kunder. Oboya anser att användningen av biomaterial kommer att vara viktigt för framgång i omställningen till en fossilfri odlingsindustri världen över. Samarbetsavtalet innebär att Oboya använder Gaias biomaterial i sin produktion och att vi genom Gaias kompetens kan utveckla nya miljövänliga odlingsprodukter. Gaias biomaterial är biologiskt nedbrytbart, komposterbart samt ger upp till 80 % lägre koldioxidutsläpp vid förbränning jämfört

Oboya signs a cooperation agreement with Gaia regarding biomaterials13.12.2018 11:41Pressmeddelande

Oboya Horticulture Industries AB (publ) ("Oboya") has signed an important and long-term cooperation agreement on environmentally friendly biomaterials with Gaia Biomaterials AB ("Gaia") in Helsingborg, Sweden. The agreement means that Oboya uses Gaias biomaterials for the production and development of environmentally friendly cultivation products for the cultivation industry. Oboya has been actively involved in innovation, environmental and sustainability issues in recent years, and our goal is to encourage environmental and sustainability in the cultivation industry by offering environmentally friendly cultivation products to our customers. Oboya believes that the use of biomaterials will be important for success in the conversion to a fossil-free cultivation industry worldwide. The cooperation agreement means that Oboya uses Gaias biomaterials in its production and that through Gaias expertise we can develop new environmentally friendly cultivation products. Gaias biomaterials are bi

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum