Data Loss Could Cause Major Corporate Collapse
According to a report by McAfee, a major security breach could lead to the collapse of a major corporation.
The global research, conducted for McAfee by Datamonitor, surveyed more than 1400 IT professionals in the United States, the United Kingdom, France, Germany and Australia. 33% of respondents said they believe a major data loss incident involving accidental or malicious distribution of confidential data could put them out of business.
The research also suggests that while awareness regarding the danger of breaches is high, the problem continues to grow. 60% of respondents said they had experienced a data breach in the past year. However, despite the prevalence of breaches, enterprises are still devoting just a fraction of their IT budgets to the problem.
While 61% respondents believe that data leakage is the doing of insiders, only 23% believe that the leaks are malicious.
Respondents rated loss of intellectual property and financial information as the two most valuable classes of data-with the average estimated cost of leaked financial data reaching $1.68 million.
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McAfee, Inc. released research findings that organisations are cutting their security budgets at the same time that cyber threats are escalating, according to McAfee's report The Security Paradox.