Device Theft Rampant: A Study Reveals Growing Concerns and Impacts on Organizations
A recent study conducted by Kensington has shed light on the increasing prevalence of device theft among organizations, highlighting a staggering statistic: 76% of surveyed respondents have faced incidents of device theft in the past two years. The study further emphasized that those working within flexible models are particularly vulnerable, with incidents of theft proving more frequent in such settings compared to their colleagues in more traditional, fully onsite arrangements.
Among the key findings, a striking 85% of organizations that embraced flexible work models experienced at least one theft incident in the last two years. In contrast, only 71% of organizations where employees were required to be physically present at the office faced similar issues. This alarming disparity emphasizes the vulnerabilities that arise as work environments shift from secure office spaces to remote and public areas.
The survey, which included 1,000 IT decision-makers from diverse industries, revealed that these thefts have wide-ranging implications, both financially and operationally. Among the respondents, 30% reported increased insurance costs attributed to recurring incidents of theft. Additionally, 33% faced potential legal or regulatory repercussions due to compromised data, while another 30% incurred financial losses stemming from the need to replace stolen devices. Furthermore, a significant 32% of respondents noted that device theft directly disrupted employee productivity.
Data breaches emerged as a primary concern for these decision-makers. Approximately 46% of participants reported experiencing a data breach as a direct result of an unsecured device. According to the IBM Cost of a Data Breach Report for 2024, which revealed that the global average cost of a data breach has risen to $4.88 million, an increase of 10% from the previous year, this concern is all the more pressing.
Interestingly, the survey findings indicated that a significant 60% of organizations that experienced a data breach or loss of sensitive information due to unsecured devices were not utilizing security locks. This statistic starkly contrasts with the 38% of organizations that reported no such incidents while employing security locks, further emphasizing the critical role these physical security measures play in safeguarding devices.
The study pointed out that among the various vulnerabilities tied to device theft, senior IT decision-makers expressed heightened concern regarding data loss resulting from inadequate digital security measures: 43% were worried about unauthorized device access, while 23% feared visual hacking—where sensitive information can be viewed in public— and 22% were concerned about the potential loss of data through insecure home networks.
The survey also revealed an overwhelming recognition among respondents regarding the importance of physical locks. A remarkable 97% affirmed that physical security locks are essential in preventing device theft and subsequent unauthorized access. As remote and hybrid working models gain traction across various organizations, it is evident that the exposure of devices to potential theft and accidental exposure increases significantly outside controlled office environments.
Organizations implementing security locks were found to be 37% less likely to suffer a data breach attributed to an unsecured device, pointing to a clear relationship between physical security and data integrity. The study further indicated that industries such as consumer services (65%) and healthcare (57%) were notably more susceptible to experiencing data breaches due to unsecured devices.
Smaller organizations, notably those with 100-249 employees, reported an even steeper rise in device theft, with 82% indicating such incidents, compared to 69% in larger organizations with over 1,000 employees. This trend underscores the relative vulnerability of smaller companies, which often face more pronounced impacts due to limited resources and protective measures.
Another noteworthy observation from the study was the difference in impact based on job seniority. Senior IT personnel were more likely to report experiences of theft—87% of those in higher positions acknowledged falling victim to security incidents—compared to mid-level managers at 67%. This disparity may indicate a gap in awareness and knowledge concerning potential threats to unsecured devices in everyday business operations.
Furthermore, 84% of senior IT decision-makers considered security locks to be a cost-effective measure in mitigating potential data breaches and preventing theft. A significant portion of these respondents—42%—believed locks to be extremely cost-effective.
While physical security measures such as locks play a vital role in protecting assets, experts caution that they must be part of a broader, more comprehensive strategy designed to tackle the myriad security risks associated with hybrid working environments. As organizations adapt to evolving work models, it becomes imperative that they recognize and address the vulnerabilities that arise in order to safeguard against the growing threat of device theft and data breaches.