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The £1m cost of a data security breach

A new report by NTT Security has revealed that a UK business will spend more than  £1 million recovering from a data security breach.

The study of 1,350 non-IT business decision makers across 11 countries, 200 of which are from the UK, also reveals that respondents anticipate it would take, on average, almost three months (80 days) to recover from an attack, almost a week longer than the global average of 74 days. UK respondents also predict a significant impact of their organisation’s revenue, suggesting as much as a 9.5 per cent drop, which fares slightly better than the global average of nearly 10 per cent.

In the UK, business decision makers expect a data breach to cause short-term financial losses, as well as affect the organisation’s long-term ability to do business. More than two-thirds (64 per cent) cite loss of customer confidence, damage to reputation (67 per cent) and financial loss (44 per cent), while one in 10 anticipate staff losses, and nine per cent expect senior executives to resign following a security incident.

Some 63 per cent of respondents in the UK ‘agree’ that a data breach is inevitable at some point, up from the previous report’s UK figure of 57 per cent.

“Companies are absolutely right to worry about the financial impact of a data breach – both in terms of short-term financial losses and long-term brand and reputational damage,” said Linda McCormack, vice president UK & Ireland at NTT Security.

“Although this year’s £1.1m figure is slightly down on last year’s report (£1.2m), no company, regardless of its size, sector or focus, can afford to ignore the consequences of what are increasingly sophisticated and targeted security attacks, like the widespread and damaging ransomware attack we recently witnessed.“

A full copy of the 2017 Risk:Value report can be found here.