Compliance ‘Laggards’ Face Most Financial Risk from Data Loss, Report Shows

Risk Management

The latest report by the IT Policy Compliance Group finds that nine of ten companies are exposed to financial risk from data losses and thefts that can be cost-effectively avoided. The report, “Why Compliance Pays – Reputations and Revenues at Risk,” finds the majority of the 475 firms surveyed must contend with six to 17 business disruptions and five to 22 instances of losses or thefts of sensitive information each year. Those firms with the best IT compliance results have, at most, two disruptions annually.

“There are two real key findings from this ongoing report for financial institutions. We are finally able to quantify publicly reported data losses, (this data was also checked from historical databases as well). Financial risk for losing data is absolutely huge, compared to the amount of money being spent on compliance and data protection,” said Jim Hurley, a senior research manager for Symantec and senior director of the IT Policy Compliance Group.