Nine in ten companies hacked in last five years

But less than half of CEOs are concerned another hack will happen

binary on a screen with words 'hacking attack'

Research by Lloyds of London has revealed that 92% of businesses have experienced a data breach in the last five years, yet CEOs are not concerned this could be a sign of things to come, expressing to the insurance market they don't think they will be subject to another attack in the coming years.

Advertisement - Article continues below

However, this complacency is dangerous, Lloyd's Chief Executive, Inga Beale said, despite the responsibility of attacks falling to senior decision makers.

"I'm afraid we no longer live in a world where you can prevent breaches taking place, instead it is about how you manage them and what measures you have in place to protect your business and importantly, your customers," she said. "As recent events have shown, hard-earned reputations can be lost in a flash if you do not have the correct plans in place."

LogRhythm agreed that businesses need to take notice of the stats and ensure they are safeguarding their networks and infrastructure against cybercrime.

"The bottom line is that today's hackers are so advanced that they will eventually get into their target networks which probably explains the high number of breached organisations," Ross Brewer, VP & MD of international markets, LogRhythm said. "Focus must now shift to what they are doing while on those networks and putting measures in place to stop them as soon as possible, as this is where the damage can be greatly limited."

Advertisement
Advertisement - Article continues below
Advertisement - Article continues below

Lloyds' report added that only 13% of businesses think they would lose customers if they experienced a data breach, but this blas attitude needs to change.

"The fact that so few businesses are concerned about a secondary breach could worryingly suggest that they are placing too much confidence in the reactive security systems that they deployed after the first," Brewer added.

The report also highlighted the role that the General Data Protection Regulation (GDPR) will play in helping companies realise the action they must take in order to protect their company against hacks. If companies are hacked and fail to report the extent of the crime within 72 hours, they will be fined up to $20m.

"With the GDPR coming into force in just a couple of years, there really is no room for complacency," Brewer commented. "A big problem today is that businesses are taking far too long to identify that they have been breached, which means hackers have time to roam the network and take what they want undetected.

"GDPR necessitates a deep understanding of all activity happening across their entire network, at all times.  Businesses across Europe cannot be complacent and instead must take advantage of security intelligence and analytics, boosting their investment in full threat detection and response capabilities."

Featured Resources

The case for a marketing content hub

Transform your digital marketing to deliver customer expectations

Download now

Fast, flexible and compliant e-signatures for global businesses

Be at the forefront of digital transformation with electronic signatures

Download now

Why CEOS should care about the move to SAP S/4HANA

And how they can accelerate business value

Download now

IT faces new security challenges in the wake of COVID-19

Beat the crisis by learning how to secure your network

Download now
Advertisement

Recommended

Visit/security/encryption/355820/k2view-innovates-in-data-management-with-new-encryption-patent
encryption

K2View innovates in data management with new encryption patent

28 May 2020
Visit/security/phishing/355810/zloader-malware-returns-as-a-coronavirus-phishing-scam
phishing

ZLoader malware returns as a coronavirus phishing scam

27 May 2020
Visit/security/hacking/355806/anarchygrabber-hack-steals-discord-tokens-ids-and-passwords
hacking

AnarchyGrabber hack steals Discord tokens, IDs and passwords

27 May 2020
Visit/security/hacking/355801/scammers-using-coronavirus-contact-tracing-in-hacking-attempt
hacking

Scammers leverage contact-tracing in hacking attempt

27 May 2020

Most Popular

Visit/infrastructure/server-storage/355785/dell-emc-poweredge-r7525-review-an-epyc-core-density-to-make
Server & storage

Dell EMC PowerEdge R7525 review: An EPYC core density to make Intel weep

26 May 2020
Visit/infrastructure/network-internet/355792/intel-releases-wi-fi-and-bluetooth-driver-updates-for
Network & Internet

Intel releases Wi-Fi and Bluetooth driver updates for Windows 10

26 May 2020
Visit/operating-systems/microsoft-windows/355781/microsoft-confirms-further-issues-with-troublesome
Microsoft Windows

Microsoft's latest Windows 10 update is causing yet more issues

26 May 2020