75% of telcos expect data breaches to increase in 2018
23 May 2017 | James Pearce
75% of telecommunications companies said they expect to see the number of data breaches rise over the next year.
The number was revealed by analyst firm Ovum, who carried out research for analytics software firm FICO.
Overall, the Ovum study found that although 53% of UK executives believe the number of attempts to access data will grow over the next year, fewer than half of UK firms are likely to put money in boosting cyber security protection.
Only 41% of firms surveyed have a tested data breach response plan in place in the UK, compared with 52% in the US. Only 49% said they would expect this position to improve in the next year.
It wasn’t all negative, however, as the review found 63% of companies have existing monitoring, and scoring and reporting services in place, and 71% have board level reporting over cyber security.
“A data breach can be a make-or-break moment for a company,” said Andrew Kellett, principal analyst for IT security, who conducted the research for Ovum.
“Your speed of response and your ability to maintain your customers’ trust determines the extent of both financial and reputational loss. If you haven’t tested your response plan, you are putting your firm at greater risk.”