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
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:
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. email@example.com or visit www.nttsecurity.com.
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
Följ NASDAQ OMX
Abonnera på våra pressmeddelanden.
Senaste pressmeddelandena från NASDAQ OMX
PayByPhone appoints Andreas Gruber as new President and CEO20.4.2018 00:19 | Pressmeddelande
VANCOUVER, British Columbia, April 19, 2018 (GLOBE NEWSWIRE) -- PayByPhone, the global leader in mobile parking payments, today announced that it will appoint Andreas Gruber as president and Chief Executive Officer effective June 1st, 2018. Francis Dupuis, the former President and CEO, will take over a position in Germany with parent company Volkswagen Financial Services AG. To provide additional impetus to the PayByPhone board, two new board positions have been created and as a result Maggie Clay (CFO) and Catherine Scott (Legal Counsel) will be appointed effective June 1st, 2018. During his time at PayByPhone, Francis led the business through significant growth and organizational change and leaves the company well positioned for continued success. "We would like to thank Francis for his strong leadership and look forward to building on his experience within Volkswagen Financial Services," Gerd Künne, Vice-President of mobility unit at Volkswagen Financial Services, said. Francis is e
Progress and Potential for Achieving Cleaner Air on a Global Basis20.4.2018 00:09 | Pressmeddelande
Adoption of New Generation Diesel Technology Delivers Rapid Clean Air Benefits New understanding of global air quality highlights the need for technologies like new-generation diesel engines, which are capable of accelerating emissions reductions WASHINGTON, April 19, 2018 (GLOBE NEWSWIRE) -- Recent reports highlighting air quality conditions in the United States (State of the Air) and globally (State of Global Air 2018) celebrate the progress made in developed and developing countries, but also emphasize significant disparities in progress toward reducing levels of key pollutants such as particulate matter and ozone. "Achieving continued clean air progress while also sustaining economic growth is possible. Cities and countries must move to proven cleaner engines and fuels," said Allen Schaeffer, executive director of the Diesel Technology Forum. "We can and should bring the tremendous benefits of new technology diesel engines to communities and countries large and small around the wor
SD-WAN for Office 365: Aryaka Helps eLearning company, City & Guilds Group, Improve Office 365 Application Response Time19.4.2018 18:54 | Pressmeddelande
Aryaka's Global SD-WAN reduces time for global users to open SharePoint files from 10 to 0.05 seconds; Outlook performance improves 9x worldwide LONDON, April 19, 2018 (GLOBE NEWSWIRE) -- Aryaka®, the leading global SD-WAN provider, announced today its SD-WAN technology has enabled City & Guilds Group, a worldwide leader in workplace skills, eLearning, and executive coaching, to achieve faster Office 365 application response times leading to an increase in productivity and better collaboration between users in Europe and Asia-Pacific. Headquartered in London, the City & Guilds Group works with education providers, governments and major corporations to help shape and support skills development for employers in over 100 countries. Team members of the company are similarly scattered around the world and primarily collaborate using Microsoft Office 365 applications, but many remote users were struggling to access the group's instance of Office 365 hosted in Dublin. For example, it could ta
Canacol Energy Ltd. Announces Private Offering of Senior Notes19.4.2018 16:23 | Pressmeddelande
CALGARY, Alberta, April 19, 2018 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) is pleased to announce that it intends, subject to market and other conditions, to offer senior unsecured notes (the "Notes") in a private placement to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act and pursuant to certain prospectus exemptions in Canada (the "Offering"). The Notes will be fully and unconditionally guaranteed by certain subsidiaries of Canacol. The interest rate, redemption prices and other terms of the Notes are to be determined upon pricing of the Offering. Canacol intends to use the net proceeds from the Offering: (i) to repay the outstanding amounts borrowed under its credit facility; (ii) to pay fees and expenses of the O
FinancialForce Extends Professional Services Automation Leadership With its Spring 2018 Release19.4.2018 14:00 | Pressmeddelande
New features empower services organizations to run their businesses with greater predictability, assign best-fit resources at scale, and forecast projects with 360-degree insight. SAN FRANCISCO, April 19, 2018 (GLOBE NEWSWIRE) -- FinancialForce, the number one customer-centric ERP cloud vendor built on the Salesforce Platform, announced the availability of its latest version of Professional Services Automation, the highest customer-rated PSA solution for enterprise organizations. The Spring 2018 Release of PSA brings new functional capabilities to accelerate project staffing speed and accuracy; unify people and project data; enable better forecasting decisions; and enhance the overall user experience using the Salesforce Lightning framework. Fast, Accurate Resource Mapping With the Spring 2018 Release of PSA, project and resource managers can identify and assign best-fit resources with greater speed and accuracy. Through advanced skills filtering and search capabilities, including part
SpeeDx receives FDA clearance for Mycoplasma genitalium product19.4.2018 14:00 | Pressmeddelande
SYDNEY, Australia, April 19, 2018 (GLOBE NEWSWIRE) -- SpeeDx's Resistance Plus ® MG Positive Control kit has now been listed with the US Food and Drug Administration (FDA) for sale in the United States through the company's recently incorporated US entity, SpeeDx Inc. The announcement coincides with the FDA registration of the Australian parent company - SpeeDx Pty Ltd - as a Medical Device Manufacturing Establishment, and clinical trials remain on-track for the Resistance Plus MG assay.* The Resistance Plus MG Positive Control kit contains synthetic DNA to simulate Mycoplasma genitalium, as well as five mutations known to confer resistance to macrolide antibiotics. Macrolide-resistant M. genitalium is a challenging sexually transmitted infection (STI), and global management guidelines are currently being adapted to deal with the rise in resistance. "This is an important product in our portfolio," said Elisa Mokany, Chief Technology Officer for SpeeDx. "M. genitalium is very difficult
I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.Besök vårt pressrum