A recent survey conducted by PWC on behalf of BIS has highlighted the data security risks facing small businesses; it showed that the number of companies who have experienced a data loss has more than doubled in the last year. The cost per individual incident for a small business can range from £35k to £65k and the total cost to UK businesses has tripled in the last year.
This should serve as a timely reminder for 2014 that data breaches cost businesses substantial sums and indeed can damage the reputation of the company also. Most of these breaches can be avoided by having the correct policies and procedures in place for securing data throughout its life-cycle.