UK Firms Lagging Behind In Data Protection

A new study has found that UK firms, for the third year running, are lagging behind their European competitors in relation to data protection. 

The study, conducted for the latest Information Risk Maturity Index from security firm Iron Mountain and global business consultants PwC, gave mid-market firms a score of 55.9 out of 100.  This places them behind the index’s number one ranked country, Hungary, with 60.2 points, and is barely an improvement from last year’s score of 55.4.

Concerns for data protection issues have escalated in recent years, spurred by a number of high profile cases in which large corporations have leaked sensitive customer data.  Recently, the European Union announced new data legislation, which is set to enforce universal standards to data protection across firms within the Eurozone.

However, the level of concern appears to have mollified within the UK, with many businesses unprepared to deal with a cyber-breach.

Phil Greenwood, commercial director at Iron Mountain, said: “UK firms have some way to go if they are to catch up with their European counterparts.

“For the third year running they have failed to match the average European score.  It is critical that companies address this if they are to adopt a responsible-yet-proactive approach to information risk and value, not just to protect the business, but to help it thrive.”

He also encouraged UK businesses to take a more proactive approach to bolstering their data security policies.

Against the backdrop of increasing market globalisation, data security breaches present a real financial and legal danger to firms that remain complacent.

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Nigel is the Managing Partner and Head of Litigation and Dispute Resolution in the London office of Mackrell Turner Garrett.