A survey from Iron Mountain and PwC has determined there is an increasing awareness in information risk, but many SMEs just don’t have the tools in place to deal with the reams of data and in multiple formats. There is also a danger of more sophisticated security threats as well as needing to treat information management as essential to business.
Under half of businesses surveyed in the 2013 Risk Maturity Index said they had a strategy in place for measuring and combating information risk – even as the average number of data breaches increase by 50 percent each year.
Of those asked, over half were so overwhelmed by the threat of data breaches that they acknowledge they’ll never be able to keep up, while 41 percent said data loss is an “inevitable part of daily business”.
Evaluating 600 European SMEs with between 250 and 2,500 employees, across the legal, financial, pharma, insurance, manufacturing and engineering sectors, there was some improvement compared to last year in understanding information risk. Using a set of metrics based on the amount of data protection in place, it rates companies at a target score of 100. This year European companies scored an average of 56.8 compared to 40.6 last year, but clearly there is a long way to go.
PwC Risk partner Claire Reid said that businesses will have to embrance a “new way of thinking” – where data security will be a top priority and also a way to create value.