Business executives expect IT breaches

Tuesday, February 23, 2016

LONDON—As we hear more and more about cybersecurity concerns among physical security integrators and manufacturers, business owners around the world are concerned about cybersecurity, according to an NTT Com Security report.

Released in mid-February, the report says that 65 percent of business decision makers worldwide foresee that their organization will have an information security breach at some point in the future.

“While the majority of people we spoke to expect to suffer a breach at some point in the future, most also expect to pay for it—whether that’s in terms of remediation costs, customer confidence or possibly even their jobs,” Garry Sidaway, SVP security strategy and alliances at NTT Com Security, said in a prepared statement.

“Respondents estimate a breach would take nine weeks to recover from and would cost $907,053, on average—even before the cost of any reputational damage, brand erosion and lost business are taken into consideration,” NTT Com Security said in a statement.

Fifty-four percent of those surveyed said information security is “vital” to their business. Eighteen percent agree that poor information security is the “single greatest risk.”

NTT Com Security surveyed “1,000 non-IT business decision makers in organizations in the UK, U.S., Germany, France, Sweden, Norway and Switzerland,” for this report.