UK Companies in Peril: Half Lacking Data Recovery Plans

Last Updated on: 27th June 2024, 07:38 am

Recent research by DriveSavers and YouGov shows that just 51% of UK companies have a data recovery plan, despite one in five employees in large businesses having experienced a data breach. Without a recovery plan, businesses face risks including data loss, financial harm, and damage to reputation. DriveSavers stresses the need for companies to prioritise data protection and establish recovery strategies to safeguard their future.

A shocking new survey from leading UK data recovery service DriveSavers and YouGov has discovered that only 51% of UK employees report that their companies have essential data recovery plans. This critical gap leaves businesses vulnerable to severe consequences from increasingly sophisticated cyberattacks — a threat that is clearly very real. The survey, which interviewed 1,007 professionals, found that 15% of respondents work in a business that has experienced a data breach, with 8% reporting breaches in the last two years. Alarmingly, one in five employees in large businesses (250 employees or more) have faced a data breach.

Alex Hagan, CEO of DriveSavers, underscored the risk: “These figures expose a dangerous complacency among UK businesses. The fact that a significant number have already faced data breaches, yet so many lack recovery plans, is playing with fire. A well-developed plan is essential to minimise damage and ensure a swift return to operations, protecting businesses and their customers alike.”

According to the Government’s latest Cyber Security Breaches Survey 2024, the average cost of a cyberattack to a UK business is estimated to be between £1,100 and £4,200 per employee. This equates to a potential cost range of £33,000 to £126,000 for a small business (30 employees) and £1.65 million to £6.3 million for a large business (399 employees or more). These figures highlight the significant financial burden cyber breaches can cause, emphasising the importance of preventive measures and robust recovery plans.

The survey also indicated a worrying disparity between company sizes — small businesses are much less likely than medium to large businesses to have data recovery plans in place. Despite this vulnerability, there is some hope; most businesses that experienced a data breach recovered within six months. Additionally, just over half (51%) of the employees questioned work in a business with a data recovery plan.

The survey also revealed that only 23% of businesses without a recovery plan intend to implement one within the next year, despite respondents expressing concern about their company’s lack of protection. “We can’t afford to put cybersecurity on the back burner,” said one concerned small business owner surveyed. “The cost of a data breach could be far worse than investing in proper protection.”

To prevent data breaches and ensure businesses protect their valuable data, DriveSavers UK data recovery experts recommend the following:

  • Prioritise Data Recovery Planning: Don’t wait for disaster. Develop a comprehensive data recovery plan outlining steps to take in the event of a cyberattack. This should include regular backup processes, clear procedures for restoration, and designated roles for staff to ensure a swift and organised response.
  • Invest in Cybersecurity Solutions: Implement robust cybersecurity software, including firewalls, anti-virus, and intrusion detection systems. Regularly update these solutions to stay ahead of evolving threats.
  • Employee Education is Key: Train employees to recognise phishing attempts, social engineering tactics, and other common attack methods. A well-informed workforce is your first line of defence.
  • Control Access: Limit employee access to sensitive data based on their roles. Implement strict password policies and multi-factor authentication for added security.
  • Seek Expert Guidance: Data loss can happen, even with the best precautions in place. In the unfortunate event of data loss, DriveSavers can assist. They are a reputable data recovery service with experts who can recover data from various devices, even after a ransomware attack. Many businesses globally pre-register with DriveSavers for swift resolutions. Contact DriveSavers to request an information pack and get pre-registered for expedited services and discounts.
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