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New Study Debunks Myth That Most Data Breaches Involve Electronic Documents
Security Alliance Established to Help Build Awareness and Drive Crime Prevention
Itasca, Ill. (October 15, 2008) Recent news headlines lead businesses and consumers to believe that the majority of data breaches occur online. According to a new study commissioned by the Alliance for Secure Business Information (ASBI), this isn’t the case.
In fact, 49 percent of respondents whose companies have been affected by a data breach stated one or more of the breaches involved the loss or theft of paper documents. And, the problem does not seem to be going away, with 80 percent of respondents polled indicating their company had experienced one or more data breaches in the past twelve months alone. Data breaches affect businesses of all sizes, in fact 46 percent of respondents who represent larger companies, estimate the annual financial impact of data breaches within their organization to be between $10 to $30 million.
The Security of Paper Documents in the Workplace* study is the first initiative for the newly-formed ASBI and is designed to assess the awareness, perceptions and behaviors surrounding the security of confidential information in the workplace. The group is comprised of leaders in the area of business security including:
- Fellowes, Inc. – the leading shredder manufacturer
- Ponemon Institute - an independent research firm advancing responsible information and privacy management practices in business and government
- Identity Theft Resource Center (ITRC) - a national nonprofit organization that focuses exclusively on identity theft
- John Sileo - a leading business security speaker
“Everyday, businesses manage highly confidential information, leaving themselves and their employees and customers vulnerable to a data breach,” said John Fellowes vice president and general manager, Fellowes, Inc. and member of the ASBI. “What many fail to realize is that paper documents pose just as much of a risk to an organization as electronic documents. Through the Alliance, we hope to dispel some of these myths and ultimately help minimize a businesses’ vulnerability.”
Study Confirms Need for Paper Policy
Key findings from the study reveal a need for companies to take tighter controls on how they manage their paper trail through stronger enforcement of security policies. For example:
- According to 56 percent of respondents, more than half of their organizations’ sensitive or confidential information is contained within paper documents
- Sixty-one percent of those surveyed stated there are not enough resources and controls available to secure paper documents
- Fifty-seven percent of respondents reported that it is more difficult to control access to paper documents than it is to control access to electronic documents
- Nearly half (41 percent) of respondents are uncertain whether their organization has a strict policy in place for securing paper documents
“The study also points out that more than half of respondents believe their employees are unsure about what types of information are sensitive or confidential,” said Dr. Larry Ponemon, founder and chairman of the Ponemon Institute and member of the ASBI. “These statistics are eye-opening and further emphasize the need for proper security procedures in the workplace.”
The Source of a Data Breach
According to respondents, certain departments within an organization are believed to be more at risk due to their inability to secure paper documents including, Human Resources (45 percent), Finance & Accounting (40 percent) and Information Technology (38 percent). In addition, the top five types of information employees consider to be most at risk are:
- Employee records, including salaries and employee benefits
- Customer information
- Management accounting reports and budgets
- Marketing and sales reports
- Pre-released financial information and forecasts
To better inform a seemingly unknowing public about the dangers of data breaches, the ASBI will launch several initiatives over the next year that are designed to build awareness around the issue of business security and encourage companies to take action to prevent the crime. Efforts include a Public Service Announcement focusing on best business security practices, and an informational Web site featuring tools, tips and resources to help further prevent data breaches in the office.
For more information on ASBI, and to learn how to protect a businesses’ confidential information, visit www.fellowes.com/asbi.
About ASBI:
The Alliance for Secure Business Information (ASBI) was established in 2008 with the mission to inform businesses and employees, through education, awareness and action, about how to protect confidential information in the workplace. Members of the Consortium include Fellowes, Inc., the leading shredder manufacturer; Ponemon Institute, an independent research firm focused on advancing responsible information and privacy management practices in business and government; the Identity Theft Resource Center (ITRC), a national nonprofit organization that focuses exclusively on identity theft; and John Sileo, a leading business security speaker.
About Fellowes
Headquartered in Itasca, Ill., Fellowes, Inc. offers an impressive range of products to equip the workspace, including paper shredders, binders and laminators, desktop accessories and record storage solutions. Fellowes, Inc. owns and operates subsidiaries in Canada, United Kingdom, Benelux, France, Germany, Italy, Poland, Spain, Russia, Singapore, Japan, Korea, China and Australia. The company employs more than 2,700 people throughout the world and expects global sales in excess of $700 million this year. For more information, visit www.fellowes.com.
*The web-based survey was launched August 12, 2008 and was closed August 21, 2008. Debriefing of respondents and analysis was completed August 30, 2008. The margin of error on all adjective scale and Yes/No/Unsure responses is: = 3.5 percent. The final sample consisted of 819 individuals who work in IT operations, IT security, data protection and compliance in large organizations in a variety of industries.
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