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Information risk management woefully lacking in Europe

A surprising number of European financial firms showed a lack of information r

European financial firms show a surprising lack of understanding of risk management, suggested the results of a recent survey from PricewaterhouseCoopers and information management firm Iron Mountain.

 

European financial firms show a surprising lack of understanding of risk management, suggested the results of a recent survey from PricewaterhouseCoopers and information management firm Iron Mountain.

Across Europe, 22 percent of financial firms reported being unaware of whether they had been the victim of a data security breach. Furthermore, roughly 41 percent of the firms surveyed had no immediate plans to evaluate the efficacy of their current data protection systems. Executives at roughly the same percentage of companies said they do not monitor the performance of their information risk management teams.

"Our information risk study reveals a worrying level of complacency across the financial services sector in Europe," said Christian Toon, head of information security at Iron Mountain Europe. "Interestingly, 45 percent of those surveyed cited lack of knowledge as the main obstacle to implementing an effective data management strategy. It is time for organizations to make Corporate Information Responsibility part of their operational DNA in the same way that many have done with Corporate Social Responsibility."

Financial services firms typically safeguard the sensitive information of hundreds of thousands, if not millions, of individuals. It is essential that these firms, in the United States, Europe or anywhere else in the world, take steps to ensure the safety of customer information.