The cost of Electronic recovery
Since the Sony PlayStation hack the media has been awash with headlines about big businesses being hacked, institutions facing daily attacks and personal information being compromised. Yet these well publicised attacks are just the tip of the iceberg, little is heard in the UK of breaches suffered by professional organisations, small businesses and public bodies. In a recent report by Detica published jointly with the UK Cabinet office “cyber crime” was estimated to cost UK businesses around £27 billion every year.
In this White Paper the Oval Group looks at how insurance can play its part in managing the effects of a data breach.
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Cybercrime is a growing threat in a world where most individuals and organisations rely upon the Internet and connected technologies, opening themselves up to the risk of attack from global criminals from anywhere in the world. Against a background of rising incidents of data losses and theft, pharming, phishing, computer viruses and hacking, this PWC survey scrutinised the significance and impact of this type of economic crime and the way in which it affects organisations worldwide.
Whilst cybercrime isn’t that new for the FS sector, it is a particularly prevalent issue for FS respondents in comparison to other industry sectors and one that puts its customers, brand and reputation at significant risk. Regulators are increasingly viewing cybercrime as a key area of focus. FS organisations are expected to have appropriate systems and controls in place to fight the growing threat of cybercrime. For example, in the UK the Financial Services Authority (“FSA”) has included “Data Security” within its top economic crime risks for some time.