Ponemon have revealed the results of a Co3 Systems sponsored survey into Data Loss Management. Ponemon Institute polled more than 100 influencers in the privacy and data protection community across the US.
Key findings of the survey were:-
- almost 50% of organizations experience ten or more data loss incidents annually that meet the legal criteria that require tracking and reporting
- more than 60% of the organisations surveyed employ manual, repetitive and time intensive processes to manage these incidents across tasks like notifying customers and informing regulators
“Not only have the number of data breaches reached epidemic proportions, but organizations are hemorrhaging records at staggering volumes,” said Dr. Ponemon. “To start the response process at day zero and square one is not only a recipe for disaster, it is irresponsible business. Privacy has become a hot button issue for everyone from citizen groups to elected officials, and one can only expect protections and regulations to increase. Organizations need to evaluate ways to automate their response process, and tools like Co3 have arrived at just the right time.”
“The Ponemon survey findings, with regards to data breach response and management, highlight the very real challenges firms are grappling with,” said John Bruce, CEO at Co3 Systems. “Organizations realize that the opportunities for loss and exposure — by their own hand or through partners and connected organizations — far outnumber the points of control and protection they can implement. It’s not surprising that more than one third of those surveyed have tried to create their own automated systems to cope with the implications of a breach. Our knowledgebase of regulations and industry best practices produce instant incident response plans based on the unique characteristics of a breach, and our easy-to-use project management interface ensures a timely, decisive and accurate response by any team.”