- Because cyber/hacking/ransomware is on the increase
- Because the fines for a breach of data can be massive
- Because YOU can get help
How much will British Airways be fines for the Data Breach? Could this be the first major fine for a data breach in the GDPR era?
For the latest on the BA Hacking story, where customers full card details where obtained, click on the link:- https://www.bbc.co.uk/news/technology-45481976
This is a serious breach for a large firm which now could result in the first significant major fine. For the ICO's comments, click the link:- https://ico.org.uk/about-the-ico/news-and-events/news-and-blogs/2018/09/ico-statement-in-response-to-british-airways-breach-announcement/
You may also find the list of recent fines issued by the ICO of interest :- https://ico.org.uk/action-weve-taken/enforcement/
Apple have recently taken down the following apps for security reasons:-https://www.bbc.co.uk/news/technology-45482819?intlink_from_url=https://www.bbc.co.uk/news/topics/cz4pr2gd85qt/cyber-security&link_location=live-reporting-story
Are your apps secure i.e. do they transmit the data via HTTPS ?
There is some good news amongst all this worry and concern :-
THESE RISKS (CYBER) ARE INSURABLE. SOME INSURERS WILL EVEN INCLUDE FINES. DOES YOURS?
With 90% of the worlds data having been generated in the last two years it seems almost unbelievable that:-
- A recent Government survey found that 50% of large businesses (250+ employees) were not even aware that cyber cover existed!
- Only 2% of large firms purchase a standalone policy with near to zero for small firms
The National Security Council (NSC) established in 2010, consider a cyber attack a Tier 1 risk. How seriously does your business take this risk ? Or will it never happen to you?
41% of the Federation of Small Business members were victim's of cyber crime in the last 12 months yet 20% of FSB members haven't taken any steps to protect themselves from Cyber Crime.
Small firms lose £800m to cyber crime. Two Thirds of hacking incidents occur at companies with 11 to 100 employees. So "it won't happen to me/us because we are a small firm and they are only attacking large firms" simply isn't true. The average scam/hack/ransom attack fee is $450 but these kinds of crime don’t make headline news.
Cyber Insurance demand is being driven up the following market drivers:-
- National Security
- EU Data Privacy Directive - GDPR
- Customer Demand
Social engineering & SQL Injection attacks are increasing. (which may have been behind the BA attack) but of course the issue now is how your business responds to these situations.
Your business should:-
- Understand the value of assets as well as where they are located.
- Have adequate risk management policies in place.
- Assess and incorporate network security
- Have incident response plans and test these.
- Monitor and test systems
- Provide suitable education and awareness to staff.
And remember there is no such thing as a cloud - its just someone else's computer!!
If you would like to discuss cyber insurance to help protect YOUR business
Call Simon Vertue on 01273 328181 or