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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This is the third Cost of Cyber Crime study from the Ponemon Institute, sponsored by HP Enterprise Security. This years study has a distinctly international flavour with nearly 200 organizations across various industry sectors being represented. Cyber attacks generally refer to criminal activity conducted via the Internet.
The attacks featured include stealing an organization’s intellectual property, confiscating online bank accounts, creating and distributing viruses on other computers, posting confidential business information on the Internet and disrupting a country’s critical national infrastructure. Consistent with the previous two studies, the loss or misuse of information is the most significant consequence of a cyber attack. Based on these findings, organizations need to be more vigilant in protecting their most sensitive and confidential information.