• Businesses unprepared for data breaches

Most companies do not follow best practice when it comes to protecting themselves from data breaches, according to research conducted by the Ponemon Institute.

The research also found that 38% of organisations have no set time period for updating and reviewing their data breach protection plan. It report said that almost a third (29%) have not updated or reviewed their plan since it was first put in place, leaving them vulnerable to attack.

Nearly 4 in 10 (38%) had no data breach protection plan or cyber insurance and, of those, 40% said they had no intention of purchasing one. Over half (56%) of organisations surveyed also said that they were not confident that they could deal with a ransomware attack, and just 9% had given any thought to whether or not they would pay to resolve an attack.

Michael Bruemmer, vice president at Experian Data Breach Resolution, who sponsored the research, said: "When it comes to managing a data breach, having a response plan is simply not the same as being prepared.

“Unfortunately many companies are simply checking the box on this security tactic. Developing a plan is the first step, but preparedness must be considered an ongoing process, with regular reviews of the plan and practice drills."