‘Number of data breach fines will increase in the coming years’

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The number and value of fines that companies have to pay for mishandling user data will increase in the coming years, according to a new report by DSA Connect.

DSA Connect, a company that sells data management services, has polled a thousand employees and more than a third (37 percent) expect both the number and value of fines to increase by 2025. Of the respondents, six percent expect a ‘dramatic increase’, while three percent expect the figures to decrease in the coming years.

According to the survey, one of the main reasons for the increase is the fact that employees have much more data at their disposal compared to previous years. Last year, 30 percent of the employees already indicated that they work with more data.

Data policy

When it comes to processing and storing data, the majority (76 percent) of employees think their company is doing well. That said, almost half (47 percent) of the employees surveyed have no clue if their companies have policies for data sanitization.

“With developments such as the Internet of Things (IoT) employers are dealing with more data than ever.  They also have to contend with a rise in the number of cyber-attacks and ever more stringent legislation around protecting client data and how they use it”, said Harry Benham, chairman of DSA Connect.

According to DSA Connect, employers need to invest more time and resources in improving their strategies to improve the handling of customer data and reduce the likelihood of cyberattacks.