UK Faces Rising Data Breach Costs

By: Arieanna Schweber | 2/25/2016

IDC predicts that, by 2020, 1.5 billion people - a quarter of the world’s population - will be affected by data breaches. Data breach incidents in the UK were up in 2015 across all sectors, with a particularly large spike in incidents in the healthcare sector.

According to the new Risk:Value 2016 report, organisations in the UK expect a data breach to cost them £1.2 million on average, higher than figures reported in other countries, even without figuring in hidden costs like brand erosion or reputational damage. The UK Cyber Security Strategy published in 2015 showed that UK organisations faced breach costs of £1.46m - £3.14m for a large organization—a huge increase over figures from the previous year. Although this new survey does not differentiate between large and small businesses, it also clearly demonstrates the acceleration in breach costs faced by organisations in the UK.

With the EU General Data Protection Regulation (EU GDPR) set to roll out in the near future, organizations in the UK will be under even tighter pressure on how they handle data and respond to data breaches. Although it will take two years to be fully implemented across EU member states, the new legislation will introduce fines up to €20 million, or 4% of annual worldwide turnover, whichever is greater.

Thankfully, organizations in the UK have time to improve their scorecard before the EU GDPR kicks in. We encourage you to read about the Top 5 Things You Need to Know about the EU GDPR, then take steps to Avoid the Pitfalls of the New EU Data Protection Regime.

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