According to a new survey from NTT Com Security, a global information security and risk management company, only about a third of U.S. data is currently secure.
The study surveyed 100 American senior business executives, addressing questions of data security. Only 29 percent of those high-level corporate decision-makers reported data security to be a challenge to running a successful company.
Additionally, the executives surveyed said that only 10 to 12 percent of their IT budget is currently dedicated to security measures. Seventy-two percent of business leaders reported that they would expect a data breach to inflict minimal long-term damage on their organization.
"This shows me that executives are not getting the message that it does impact their business," said Garry Sidaway, SVP of security strategy at NTT Com Security. "The report highlights that [data security] is not just a technology problem but a people problem. We need to embed risk management into the business so the impact is understood and it's everyone's responsibility."
This apathetic attitude towards cyber-security from business leaders is troubling, especially after so many businesses have suffered major attacks in the last year. Results like the ones from this study do little to reassure American consumers that their personal information is safe.
As a business leader, it's crucial to value customer security. A major data breach can lead to significant loss of sales and revenue, especially as we near the holiday season. Additionally, security breaches erode consumer trust and brand loyalty and result in exorbitant legal fees.
Outdated and vulnerable systems can put your company's data at risk, so protect both your business and your customers by upgrading your credit card payment processor.