A new survey of IT decision-makers in the U.S. and Europe conducted by market research firm Vanson Bourne on behalf of Kensington found that 76% of them have been impacted by incidents of device theft in the past two years.
The study, which surveyed 1,000 IT decision-makers representing a variety of industries, revealed that device thefts resulted in significant financial and productivity impacts on their organizations. Thirty per cent reported increased insurance costs due to repeated device theft; 33% were subjected to legal or regulatory consequences due to compromised data; 30% suffered financial losses due to the need to replace devices; and 32% reported disruption to employee productivity.
Data breaches emerged as the top concern in the study with 46% of the participants reporting they have experienced a data breach as a direct consequence of an unsecured device. According to the IBM Cost of Data Breach Report 2024, the global average cost of a data breach is US$4.88 million, up 10% from 2023.
In organizations that reported experiencing a data breach or loss of sensitive data in their organizations due to an unsecured device, 60% of the organizations were not using security locks, compared to 38% who were.
The study found that data breaches resulting from stolen or unsecured devices, such as laptops, desktops, tablets, and external storage devices, were the most concerning vulnerabilities to senior IT decision-makers. But data loss resulting from insufficient digital security measures was also of concern. Forty-three per cent expressed concern about unauthorized access to company data on devices; 23% worry about visual hacking (i.e. sensitive information being viewed in public spaces); and 22% stated concern about the loss of sensitive data due to insecure home networks.
Nearly all survey participants (97%) recognize the critical role physical security locks play in helping to prevent the theft of devices and the unauthorized access that often results. With the adoption of flexible working models by organizations of all sizes, devices are increasingly exposed to theft and accidental exposure as workspaces have moved from controlled office environments to home offices and public spaces.
The whitepaper detailing the results of the study, titled “Secure Your Device, Protect Your Data,” and information about Kensington’s extensive portfolio of security solutions is available on the Kensington website.