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Companies are complacent and lack confidence when it comes to data breach preparedness, according to a new studyCOSTA MESA, Calif., Oct. 5, 2016 /PRNewswire/ -- While most organizations have a data breach preparedness plan in place, data indicates that executives are not updating or practicing the plan regularly and lack confidence in its effectiveness. These revealing findings are according to the just-released study Is Your Company Ready for a Big Data Breach?, sponsored by Experian Data Breach Resolution and conducted by the Ponemon Institute. The fourth annual study shows that data breach preparedness certainly is on companies' radar, and having a response plan in place is par for the course. The number of organizations with a plan increased from 61 percent in 2013 to 86 percent in 2016. However, despite this strong majority of companies that now have a response plan in place, 38 percent of organizations surveyed have no set time period for reviewing and updating it, and 29 percent have not reviewed or updated their plan since it was put in place. Furthermore, only 27 percent of organizations surveyed are confident in their ability to minimize the financial and reputational consequences of a breach, and 31 percent lack confidence in dealing with an international incident. To access the full complimentary report, visit http://bit.ly/PreparednessStudy. "When it comes to managing a data breach, having a response plan is simply not the same as being prepared," said Michael Bruemmer, vice president at Experian Data Breach Resolution. "Unfortunately many companies are simply checking the box on this security tactic. Developing a plan is the first step, but preparedness must be considered an ongoing process, with regular reviews of the plan and practice drills." The lack of planning is especially troublesome when considering the rise of new threats in the marketplace, such as ransomware. In fact, the study showed that 56 percent of surveyed organizations are not confident that they could deal with a ransomware incident. Additionally, only 9 percent of survey respondents have determined under what circumstances they would pay to resolve a ransomware incident. "Investing in breach preparedness is like planning for a natural disaster. You hope it will never happen, but just in case, you invest time and resources in a response plan so your company can survive the storm," added Bruemmer. Additional key study findings further demonstrate the divide between plan creation and true data breach prepredness: The good: Companies show an increase in the level of preparedness
The bad: Missteps and signs of complacency
For additional data breach resources, including webinars, white papers and videos, visit http://www.experian.com/databreach. Read the Experian Data Breach Resolution blog at http://www.experian.com/blogs/data-breach/. About Experian Data Breach Resolution About Experian We employ approximately 17,000 people in 37 countries and our corporate headquarters are in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil. Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2016, was US$4.6 billion. To find out more about our company, please visit http://www.experianplc.com or watch our documentary, "Inside Experian." Experian and the Experian marks used herein are trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners. Contacts: Jocelyn Kemly Sandra A. Bernardo, APR Photo - http://photos.prnewswire.com/prnh/20161004/415055 Logo - http://photos.prnewswire.com/prnh/20130131/LA51658LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/companies-are-complacent-and-lack-confidence-when-it-comes-to-data-breach-preparedness-according-to-a-new-study-300339176.html SOURCE Experian Data Breach Resolution |