Business are being urged to address gaps in their information security as failing to do so could be costly.
This is according to Iron Mountain and PricewaterhouseCoopers (PwC), which have issued a warning to organisations that a data breach can lead to significant financial penalties.
A poll by the companies discovered that 84 per cent see avoiding fines associated with breaches as their most significant priority when it comes to information management and 83 per cent view data as a business asset, Infosecurity reports.
Covering almost 2,000 mid and enterprise-sized businesses, the third annual Information Risk Maturity Index highlights the need for this awareness to be used to drive innovation.
Of the organisations in Europe and North America, 88 per cent said their priority was avoiding a data breach, but the report concluded there is a divide between “stated commitments and practical action” in this area.
Although most firms are aware of possible information security problems, the study identified a lack of knowledge about how to mitigate them and establish effective data recovery processes.
Of those firms polled, 37 per cent of those in Europe and 47 per cent in the US has a “fully monitored information risk strategy” in place and fewer still follow up information risk training programmes to determine whether they are effective.
Speaking to Infosecurity, Iron Mountain head of information risk Christian Toon said: “We operate in an information landscape that is defined by the increasing volume, variety and velocity of information moving through businesses, and a wide range of risks.
“Most companies are doing something to mitigate information risk and maximise value, but few are doing enough.”
The PwC and Iron Mountain research comes after a poll by Gartner indicated that 75 per cent of all mobile security breaches are the result of misconfiguration and misuse of applications rather than because of technical advice on devices.
Organisations were warned that such incidents can lead to information leaks, which they may be unaware of, particularly as the number of smartphones and tablets being used increases.
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