Shred-It has recently released its annual Data Protection Report. The report surveyed Small Business Owners, C-Level executives and consumers on the topic on data protection and information security. What the findings show should be a wake-up call to executives: consumers are placing a higher value on information security than businesses are.
For instances, the survey found that the 66% of C-Suites confirm they are likely to report a data breach over the next five years, with 47% saying data breaches are "no big deal" and that they are "blown out of proportion." Contrast this to the consumers, where 82% believe that a data breach is a “big deal.” Similarly, 63% of consumers are concerned that their private and personal information in paper format is "out there" somewhere.
When it comes to consumer trust, only 34% of C-Suites and small business owners believe that their organization would lose trust if they suffered a data breach. There is a gap there with millennials (ages 18-34), who make up the dominant consumer pool, who are less forgiving than their 35+ counterparts. In the event of a breach, 43% of millennials would be most likely to lose trust (vs. 33%), 33% would seek compensation (vs. 18%) and 39% would be sure to tell others about a breach (vs. 29%).
All this shows that when it comes to information security, Canadian businesses have more to worry about than they initially thought. Canadian businesses need to take a more consumer-centric approach when thinking about the reputational value of strong data security. As Pete Vincett, Vice President of Stericycle Canada, provider of Shred-it information security solutions puts it: "One data breach can have a devastating impact across all aspects of a business. Canadian C-Suite's and SBOs need to rethink their current practices and take action to implement stronger precautionary measures or suffer the financial and reputational repercussions."
In most cases, partnering with a qualified MSSP (Managed Security Services Professional) can help you patch holes in your cybersecurity protocols while bolstering your defenses going forward. If you are a Canadian business in need, contact Uzado today!