Stealing a laptop might be easier than bypassing a firewall. According to a new study by Kensington, 76% of IT decision makers had to deal with device theft in the past two years, and a third of thefts have resulted in legal or regulatory consequences due to compromised data.
A study by Kensington suggests that physical device theft continues to be a major concern for US and European businesses.
Data breaches emerge as the top concern when the device gets stolen. Forty-six percent of participants in the study, which surveyed 1,000 IT decision-makers representing various industries, report having experienced a data breach as a direct consequence of an unsecured or stolen device. These include laptops, desktops, tablets, external storage devices, and other devices.
Data loss is the second most concerning outcome to senior IT decision-makers. The study reveals that 43% of IT pros expressed concern about unauthorized access to company data on devices.
Around 23% of respondents also worry about visual hacking, such as sensitive information being viewed in public spaces, and a similar proportion stated concern about the loss of sensitive data due to insecure home networks.
The study also asked respondents how device thefts impacted their organizations, and many confirmed significant financial and productivity losses. The largest proportion, 33%, was subjected to legal or regulatory consequences due to compromised data. Also, 32% of IT leaders reported disruption to employee productivity.
Additionally, 30% of respondents suffered financial losses due to the need to replace devices, and the same percentage reported increased insurance costs.
Data breaches are becoming more costly. According to the IBM Cost of Data Breach Report 2024, the global average cost of a data breach is $4.88 million USD, up 10% from 2023.
Kensington is an American company specializing in physical security solutions. Its survey revealed that 60% of organizations were not using security locks for their devices, despite most participants recognizing their important role in helping prevent device theft.
According to a Kroll report, data theft losses have overtaken physical losses since 2010. However, physical theft remains a persistent problem, and for cybercriminals, it can be a more straightforward path to sensitive data.
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