YASTEST
Research shows only five per cent of IT decision
makers have all the necessary data governance strategies in place
to be compliant ahead of 25th May 2018 deadline
LONDON, Dec. 05, 2017 (GLOBE NEWSWIRE) -- Research
from Proofpoint, Inc. (NASDAQ:PFPT), a leading cybersecurity
and compliance company, reveals that whilst the majority (54%) of
UK businesses expect a data breach in the next 12 months, only 48
per cent of respondents agree that their business is financially
prepared to cover the European Union General Data Protection
Regulation (EU GDPR) fines when the deadline arrives on
25th May
2018.
The GDPR study, carried out amongst 1,500 IT
decision makers across businesses in the UK, France, and Germany,
highlights a disconnect between perception and reality when it
comes to GDPR readiness. Whilst most UK businesses (77%) believe
they will be fully compliant by May 2018, only five per cent have
all the necessary data governance strategies in place to be
compliant.
"It's clear that when it comes to GDPR readiness,
there is a disconnect. While the majority of UK businesses are
bullish about their ability to meet the compliance deadline, our
research shows that for many, the basic requirements are not met,"
says Adenike Cosgrove, EMEA Cybersecurity Strategist, Proofpoint.
"With data breaches becoming the new normal and the deadline to
comply now less than six months away, the time is now to identify
and protect all personal EU data. Failure to do so could lead to
financially-significant fines, broken customer trust and in turn,
potentially crippling disruption to the business."
Data breaches are the new
normal
Along with high-profile global cyberattacks,
the research highlights that data breaches are
significantly on the rise. More than a third (36%) of UK businesses
suffered a data breach in the last two years and nearly a quarter
(23%) suffered a data breach multiple times in the past 24
months.
Looking ahead, France seems to have a heightened
awareness of this new paradigm compared to its European
counterparts. Seventy-eight per cent of French IT decision makers
think their business is likely to suffer a data breach, with German
respondents (46%) believing that they are the least likely to
experience an EU personal data breach.
GDPR is driving IT
investments
Interestingly, 65 percent of IT decision makers in
the UK are seeing increased IT security investments to help bolster
their cyber defences and comply with GDPR ahead of the
deadline.
Additionally, almost a quarter (24%) have even
purchased cyber insurance, implying that whilst reactive measures
are in place, these organisations fear current strategies are not
sufficient enough to comply with GDPR in time. Cyber insurance can
help cushion the cost of a breach, however many insurance policies
will not cover fines for non-compliance.
GDPR preparations are
underway
Proofpoint research also found a disparity around
which methods are being prioritised to ensure GDPR deadline
compliance. More than half (56%) of respondents have a user
awareness programme on data protection, 46 per cent have encryption
for all personal EU data, and 49 per cent have implemented advanced
security solutions to prevent data breaches.
However, according to the findings, only half of
respondents (50%) know (and have documented) what personal EU data
their organisations currently hold. This demonstrates that whilst
some businesses are implementing strategies and recognise the
importance of GDPR compliance, they are still at a significant risk
of non-compliance to the regulation because they cannot discover
where EU personal data sits.
"Despite having two years to comply, UK businesses
are still at a critical risk of exposing data and facing
potentially colossal fines as a result," concludes Cosgrove. "Over
the next six months, organisations must invest in solutions that
will enable them to have clearer visibility over EU personal data,
solutions that prevent breaches of identified data, as well as
implement solutions that enable them to monitor, detect, and
respond to any regulatory violations."
The European Union General Data Protection
Regulation (EU GDPR) will come into effect on 25th May
2018, replacing the 22-year old EU Data Protection Directive.
Failure to comply with the new rules could lead to unprecedented
fines of up to four per cent of annual global revenue or
€20,000,000.
To download the full 'The Great GDPR Disconnect'
report,
visit: https://www.proofpoint.com/uk/resources/white-papers/gdpr-readiness
About Proofpoint, Inc.
Proofpoint Inc. (NASDAQ:PFPT) is a leading
next-generation security and compliance company that provides
cloud-based solutions to protect the way people work today.
Proofpoint solutions enable organizations to protect their users
from advanced attacks delivered via email, social media and mobile
apps, protect the information their users create from advanced
attacks and compliance risks, and respond quickly when incidents
occur. More information is available
at www.proofpoint.com.
Connect with
Proofpoint: Twitter | LinkedIn | Facebook | YouTube | Google+
Proofpoint is a registered
trademark or tradename of Proofpoint, Inc. in the U.S. and/or other
countries. All other trademarks contained herein are the property
of their respective owners.
Media Contact:
Estelle Derouet
Proofpoint, Inc.
+44 (0)20 7559 5605
ederouet@proofpoint.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Proofpoint, Inc via Globenewswire
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