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- 57% most concerned about damage to corporate or brand reputation
- 68% unaware of EU General Data Protection Regulation
20 April 2016: Cyber risk research carried out by Noddle Protect and YouGov* amongst senior decision-makers in large businesses, has revealed that 51% are being kept awake at night by the threat of a data breach caused by a cyber-attack; and 49% are having sleepless nights about a data breach resulting from data theft or irresponsible action.
Noddle Protect, which launches today, is a data breach solution from Callcredit Consumer Markets, which helps safeguard businesses from the reputational damage of a data breach and safeguard consumers’ digital identity.
Loss of reputation a bigger concern than fall in share price
If businesses were to fall victim to a data breach, 57% say their biggest concern would be damage to their reputation, ahead of a loss of customers (17%), fine by a regulator (8%) or fall in share price (7%).
“Managing strategic risk and reputation has become a high priority for executives operating in today’s digital plc,” said Jacqueline Dewey, Managing Director, Callcredit Consumer Markets. “Noddle Protect can help safeguard businesses from the reputational damage of a data breach and safeguard consumers’ digital identity,” she continued.
Businesses prepared for a data breach
A significant 81% of business decision-makers say their business is prepared to tackle a data breach compared to 12% who say they are not. In order to protect themselves against a data breach, 53% say their business has put in place a business continuity plan, whilst 43% have a crisis management plan; but only 39% have put in place a security monitoring team and only 38% had appointed a board director with responsibility for IT security such as a Chief Risk Officer or Chief Data Officer.
Low awareness of proposed EU General Data Protection Regulation
Changes in EU data protection law mean all organisations at risk of a data breach need to be prepared to safeguard their consumers. The biggest impact on regulation will be seen in mid-2016, when the proposed EU General Data Protection Regulation (GDPR) will be adopted by the EU. From mid-2018, if organisations fall victim to a data breach, under the GDPR, they will have to inform their customers when a serious data breach occurs and could be fined up to a maximum of 4% of their global turnover. Worryingly, 68% of business decision makers surveyed have not heard of the GDPR.
Noddle Protect enables businesses to put in place a fast and effective remediation plan to help safeguard their customers who may have had their personal data compromised following a data breach. The service can be available within 48 hours of a breach occurring and consumers who sign up to the service can identify and respond to fraudulent activity, helping them to mitigate any damage to their credit profile caused by criminals. Noddle Protect allows consumers to review their credit report for free and check that no-one else is applying for credit in their name or using their details fraudulently, giving them peace of mind and ensuring they continue to trust in your brand.