New Wells Fargo Insurance Cyber Security Study Shows Companies More Concerned With Private Data Loss Than With Hackers

“With network security top of mind, businesses are nearly two times more concerned with losing private data (47 percent ) than hackers disrupting their systems (26 percent), according to the 2016 Network Security and Data Privacy Study, released today by Wells Fargo Insurance, part of Wells Fargo & Company. Misuse of technology among employees also emerged as a new, growing threat (seven percent), while network viruses and disruption of operations fell slightly to less than 10 percent from 2015.

The study also found that there is a growing need for companies to improve employee education and training on data security. Two in 10 companies do not have an employee awareness training program, while 15 percent don’t require any training for employees.

“It’s surprising that businesses are not more concerned with employee misuse of technology —what I like to call the human factor,” said Dena Cusick, national practice leader with Wells Fargo Insurance’s Technology, Privacy and Network Risk National Practice (PDF). “Cyber risk management is first and foremost about education. Informing and regularly training employees on security protocols and incident response plans is critical for businesses today.””

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Author: BUSINESS WIRE

Study by: ©2016 Wells Fargo Insurance Services USA, Inc. All rights reserved.