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Extent Of UK Banking Data Breaches Revealed

by Robert Lee, Tax-News.com, London

07 September 2015


62 percent of UK banking and accounting sector firms have lost important data and more than a quarter have been hacked, according to a Crown Records Management survey.

Crown Records Management, a global information management expert, surveyed IT decision makers at UK companies with more than 200 employees. 13 percent of respondents said that data had been lost between four and six times, with eight percent acknowledging that they had suffered a data breach between ten and 12 times. 34 percent of those surveyed said they knew someone whose computer had been hacked.

Ann Sellar, Business Development Manager at Crown Records Management, said: "These survey results should be a wake-up call for UK businesses, and especially those in the banking and accounting sector, because the importance of protecting customer data is higher than ever. Not only because of potential fines for data breaches (which will soon increase when the European Union General Data Protection Regulation is ratified) but also because of growing public awareness."

"It takes on average 20 years to build a reputation but just five minutes to ruin it with a data breach and then up to two years to rebuild it. So businesses need to look at the way they protect their information, understand where the threats are and start putting robust processes in place to protect their customers. If they don't I can only see the number of data breaches increasing in the next few years."

However, the survey also revealed that training and awareness in the banking and accounting sector have produced some positive results. Only 11 percent said they had lost personally sensitive data and ten percent said they had accidentally left sensitive documents somewhere.

Sellar added that an estimated 80 percent of data breaches stem from human error and that improving staff training and having "robust" procedures in place can help reduce risks.

TAGS: business | training | accounting | banking | employees | United Kingdom

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