Businesses are concerned over the European Commission’s plans of imposing strict data breach reporting rules on companies and organizations in its efforts to combat global cybercrime.
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Only one in four European companies has a formal IT security policy that is regularly reviewed. Among information and communication technologies (ICT) firms, only one in two have a formal ICT security policy.
Other studies suggest that three quarters of small business in the United Kingdom and 93 per cent of large enterprises have suffered a cyber security breach.
Reports yesterday, however said, firms are concerned that their reputations may be damaged if they were to report online attacks and security breaches.