Hybrid Working Fuels Business Fears

Over 8 in 10 UK businesses are saying that hybrid working greatly increases their data breach risk, with over a fifth being unprepared for one when it would occur.

Speed of response has been labelled as the main concern, and with business owners looking at 43% of their workforces to be hybrid working in the year ahead – more risk is expected to develop between the office and home working.

Hybrid Risks

The now optional change of working practice for workers provides a far greater potential for devices and data to be exploited by other parties.

Hybrid working is currently top of the list for data theft threat potential identified by almost a quarter of UK business leaders. With workers now switching between the secure office environment and a vulnerable home network, sensitive information is open towards both public and unsecured private networks.

The result has been increased risk and incidents of accidental and malicious data breaches on many companies.

Public Risk

Over 2020 and the first half of 2021, leading companies around the world have experienced malicious data breaches that have put the public at huge risk and damaged the trust and reputation of the company.

Businesses that have been victim to a data breach have often found themselves paying the expense of investigating the incident as well as compensation for those clients affected through phishing attacks, blackmail and other activities from their information being stolen by a third party.

The long-term effects when it comes to consumer trust is an even harder challenge for the company to overcome. 3 out of 10 businesses who have suffered a data breach theft have said that their reputation was heavily damaged with consumers following the attack, whilst 19% lost customers as a direct result.

The Right Tools

By offering the right tools in the wake of an incident, businesses in the UK can provide customers with the ability to detect identity theft signs, reducing chances of financial loss and increasing protection for those who have their data stolen.

Almost all UK businesses saw at least one attempt at a phishing incident over the last 12 months, including an increase in repeated attempts against the previous year. Since 2018, more than 32,000 data breaches have been reported to the ICO with the following fines to those businesses equalling £90m.

CEOs and business owners are now more engaged than ever on the topic of cyber security, but many more remain unprepared.

For more information on any upcoming Identity Management conference and Big Data Analytics events, check out the upcoming events from Whitehall Media.