CEOs see investment in security as a priority, as they recognise the importance of protecting their data from theft or loss.
More than eight in 10 CEOs in a survey of C-level executives by IBM and The Ponemon Institute recognised that investing in security could greatly reduce the risk of data loss or theft. They also acknowledged that it was important for wider issues, such as business reputation, building customer trust and meeting compliance. Only 18% felt confident, however, that their organisation was fully protected.
The report highlights a shift in attitude by top-level executives, as they begin to accept that data protection is more than just a technical issue, but can impact the bottom line. In particular, the survey found they believed implementing a data protection initiative could bring cost savings or revenue improvements of £11m.
CIOs were considered the person best suited to being in charge of data protection for their organisations.
From April 6, the Information Commissioner’s Office (ICO) will have new powers to fine organisations up to £500,000 for failing to protect their data effectively.
