More than half of mid-sized businesses across Europe would refuse to do business with an organisation which has suffered a data breach, despite the fact many see data loss as just another part of everyday business.
That is according to the second annual pan-European Information Risk Maturity Index by global information management firm Iron Mountain and professional services provider PwC, which examined how companies expect to respond to information risk.
It found that companies are experiencing up to a 50 per cent increase in data breaches per year. The report suggests European firms' approach to data management is marred by confusion, inconsistency and double standards.
The study reveals that despite the risks to business revenue and credibility associated with data loss, more than 60 per cent of organisations surveyed believe cutting costs is more important than investing in proper against the loss of data. Many of the businesses told Iron Mountain and PwC that they do not have a proper risk information strategy in place.