Kroll urges businesses to use Data Privacy Day to review their data and cyber security processes
Kroll’s Global Fraud and Risk Report shows the rate of data theft from UK businesses is above the global average
London – Kroll, a division of Duff & Phelps, the global leader in risk mitigation, cyber resilience, security and incident response solutions, is urging business leaders to proactively ensure that they have robust and compliant data protection controls in place on this Data Privacy Day.
Kroll’s recent Global Fraud and Risk Report, with research conducted by Forrester consulting, revealed that a third (32%) of UK firms were victims of data theft in the last 12 months, which is higher than the global average of 29%. With the risk of strict penalties for failing to adequately protect data under the EU’s General Data Protection Regulation (GDPR) and country-specific legislation like the UK’s Data Protection Act, businesses must act to ensure that all information they hold is as secure as possible.
The research, which examines the current global risk landscape, revealed that two thirds (66%) of UK firms view large-scale, coordinated cyberattacks as a significant future business risk, but despite this fear, a quarter (23%) don’t have confidence in their cyber security controls, and 30% don’t feel their risk management processes are effective. It’s therefore clear that organisations need to be doing more to safeguard their data and ensure information is secure, beginning with internal audits of business areas most at risk.
Andrew Beckett, Managing Director, Cyber Risk at Kroll, comments, “Amid increasingly strict data protection regulations, controls on client information can no longer be relegated to ‘checking a box’. Instead, they must be part of a robust cyber security program, considered in every business process and their importance understood by every employee. Organisations need to set data protection and cyber security priorities by looking inward to identify areas most at risk, and implement plans to respond efficiently in case of a breach in a manner that follows applicable legislative, regulatory and best practice requirements.
“Cyber security and data protection pose systemic challenges to many organisations, with the boundaries shifting constantly. It requires an ongoing commitment to implement and continuously test – as cyber incidents are no longer a question of if, but when.”
Notes to Editors
About the Global Fraud and Risk Report
For the 2019 Global Fraud and Risk Report, Kroll commissioned Forrester Consulting to conduct an online survey of 588 senior executives who have responsibility for, or significant involvement in, determining their organization’s risk management strategies. Survey respondents were drawn from the 13 countries and regions and 11 industries listed in the table of contents. Ninety two percent of the organizations operate in more than one country, and 55 percent have annual revenues of $1 billion or more. The survey was conducted in March and April 2019.
About Kroll, a Division of Duff & Phelps
Kroll is the leading global provider of risk solutions. For more than 45 years, Kroll has helped clients make confident risk management decisions about people, assets, operations and security through a wide range of investigations, cyber security, due diligence and compliance, physical and operational security, and data and information management services. For more information, visit www.kroll.com.
Duff & Phelps is the global advisor that protects, restores and maximizes value for clients in the areas of valuation, corporate finance, investigations, disputes, cyber security, compliance and regulatory matters, and other governance-related issues. We work with clients across diverse sectors, mitigating risk to assets, operations and people. With Kroll, a division of Duff & Phelps since 2018, our firm has nearly 3,500 professionals in 28 countries around the world. For more information, visit www.duffandphelps.com.
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