Parliament has been discussing the issue of data security and theft.
Meetings took place in parliament this week to discuss the issue of how data security can be improved in future in the face of an increasing amount of cyber attacks on businesses and authorities.
Industry executives, civil servants and politicians held talks on the problem of protecting privacy for both public and private sector organisations, ITProPortal reports.
Conservative MP Crispin Blunt said keeping data secure is one of the biggest problems businesses and authorities face in the modern age.
"We need to highlight how data can be used to boost the economy, while still protecting people’s privacy," he added.
A recent study by CheckPoint found that UK companies are reporting around 68 attempted cyber attacks every week, with successful ones costing the economy £2.1m a year.
In one instance, a single British organisation lost £800 million after being targeted by hackers in a foreign country.
Most criminals are aiming to commit financial fraud, but stealing customer data and intellectual property are the next most common goals, according to the Ponemon Institute.
Bob Pickles from Canon, one of the firms attending the parliamentary talks, said its research has shown only 12 per cent of Britons think enough is being done at present to protect their personal data.
"There is clearly an opportunity for private and public sector organisations to raise consumer confidence by openly communicating security credentials to help everyone become more aware of the importance of data security," he added.
The solution for many businesses could simply be to outsource document storage and records management to a third-party cloud service, where the data will be securely held for as long as is necessary.
Google Enterprise director of security Eran Feigenbaum recently said information is much more secure in-cloud than in-house, plus it is a less expensive option as fewer measures such as anti-virus software and back-up technology are required.