Dark data represents the biggest potential cybersecurity exposure for businesses, according to a special cybersecurity edition of the DealMaker Meter report Understanding Risk: The Dark Side of Data.

Dark data is defined as data that a company has collected but no longer needs – ranging from outdated customer information to old employee records – dark data is often forgotten and unprotected by corporations, creating substantial liabilities as well as tempting targets for cyber-criminals.

The new cybersecurity insights report released by DFIN, has found that over half of business decision makers report that cybersecurity incidents in their businesses have increased over the past 12 months.

The study of Finance, HR, Legal and IT professionals in the UK and the United States found that cyber threats are on the increase: phishing (52%), data breaches (50%), cybersecurity regulations (45%) and data fraud (42%).

More support for cybersecurity needed from UK boards

The report also found that support for proactive cybersecurity measures from board members in the UK could be lacking.

Only a third (33%) of business leaders in the UK strongly agreed that their board members are aware of and supportive of information security and data protection initiatives, in contrast to 58% strongly agreeing there is board level support for cybersecurity initiatives in the United States.

Decision makers are less confident

Businesses feel that their cybersecurity performance is weaker when it comes to reactive data protection and cybersecurity events. Almost a quarter (24%) of decision makers felt that their businesses’ retroactive data protection and data incident triage was average or weak.

In contrast, decision-makers displayed higher confidence in their companies’ ability to proactively protect data. Over 70% of executives report that proactive data protection and data protection strategy and planning (74%) in their businesses has received increased focus over the past 12 months.

Technology tools are a priority for business leaders

Over half of decision makers (59%) reported that their businesses’ staff headcount with responsibility for data protection and privacy had increased over the past 12 months. But when looking to the future, over four in five business leaders (83%) would choose to invest in new technology tools to support cybersecurity rather than additional staffing (17%).

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Dannie Combs, Chief Information Security Officer at DFIN, commented: “By placing documents containing information for deals, HR and corporate data into a secure virtual data room such as Venue, some of these issues would be avoided and keep data protected.

This type of corporate repository is especially invaluable in fighting cybersecurity attacks. This report shows that the appetite for Big Data within corporations has a cost.”

Combs concluded: “Our clients are increasingly turning to us to help mitigate the risks associated with dark data. We are seeing an influx of requests from companies to leverage virtual data rooms as corporate repositories to store, secure and manage data across departments including finance, legal, HR and R&D. Our Data Protect software is used globally by clients to cost-effectively find and redact dark data across disparate IT systems.”

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