News

12/5/2017
02:50 PM
Dark Reading
Dark Reading
Products and Releases
50%
50%

More Than Half of UK Businesses Arent Prepared to Pay GDPR Fines if Breached

London, UK, December 5, 2017: 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.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
5 Reasons the Cybersecurity Labor Shortfall Won't End Soon
Steve Morgan, Founder & CEO, Cybersecurity Ventures,  12/11/2017
BlueBorne Attack Highlights Flaws in Linux, IoT Security
Kelly Sheridan, Associate Editor, Dark Reading,  12/14/2017
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Current Issue
The Year in Security: 2017
A look at the biggest news stories (so far) of 2017 that shaped the cybersecurity landscape -- from Russian hacking, ransomware's coming-out party, and voting machine vulnerabilities to the massive data breach of credit-monitoring firm Equifax.
Flash Poll
[Strategic Security Report] Cloud Security's Changing Landscape
[Strategic Security Report] Cloud Security's Changing Landscape
Cloud services are increasingly becoming the platform for mission-critical apps and data. Heres how enterprises are adapting their security strategies!
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2017-0290
Published: 2017-05-09
NScript in mpengine in Microsoft Malware Protection Engine with Engine Version before 1.1.13704.0, as used in Windows Defender and other products, allows remote attackers to execute arbitrary code or cause a denial of service (type confusion and application crash) via crafted JavaScript code within ...

CVE-2016-10369
Published: 2017-05-08
unixsocket.c in lxterminal through 0.3.0 insecurely uses /tmp for a socket file, allowing a local user to cause a denial of service (preventing terminal launch), or possibly have other impact (bypassing terminal access control).

CVE-2016-8202
Published: 2017-05-08
A privilege escalation vulnerability in Brocade Fibre Channel SAN products running Brocade Fabric OS (FOS) releases earlier than v7.4.1d and v8.0.1b could allow an authenticated attacker to elevate the privileges of user accounts accessing the system via command line interface. With affected version...

CVE-2016-8209
Published: 2017-05-08
Improper checks for unusual or exceptional conditions in Brocade NetIron 05.8.00 and later releases up to and including 06.1.00, when the Management Module is continuously scanned on port 22, may allow attackers to cause a denial of service (crash and reload) of the management module.

CVE-2017-0890
Published: 2017-05-08
Nextcloud Server before 11.0.3 is vulnerable to an inadequate escaping leading to a XSS vulnerability in the search module. To be exploitable a user has to write or paste malicious content into the search dialogue.