The Oval Group

Social Media is a great tool – but use it wisely

 

What do HMV, Burger King and leader of the BNP Nick Griffin all have in common? They all show how the power of Social Media is a double edged sword and can bring more bad publicity than good.

 

HMV sacked the person responsible for Social Media Marketing, but failed to take control of the accounts she ran and change her passwords, she went on to post her personal thoughts on the management after being laid off. Burger King’s twitter handle was hijacked and the rumours abounded that they had been acquired by McDonalds and Nick Griffin posted the address details of individuals who opposed his policies.

Cyber risks for retailers, it’s more than just losing credit card details

 

Retail has changed and it’s the use and dependence on technology which is at the heart of this change.

 

According to research by eDigitalResearch almost half of smartphone users did some pre Christmas shopping this year on their mobile device and tablet users are “second screening” whilst watching TV. This is the process of reviewing a product immediately after seeing it advertised on TV.

 

Passwords – Still using your mother’s maiden name?

 

How strong is your password? Are you using one of the top 10 passwords such as “123456” or “Password”?

 

Do you use personal information such as family names, pets names or important dates that can easily be found on social networking sites such as Facebook? Do you use the same passwords across multiple sites meaning that if criminals get your password for one site then they can access them all?

 

Cybercrime – it’s the future.

 

Cybercrime is the most prevalent form of criminal activity now surpassing the global drugs trade. “In the face of real threats to our [USA] security and our economy” President Obama has recently signed a Cybersecurity Order pledging US$ 4.7 Bn to secure the virtual defences of the USA.

However, it is not just nation states that face this emerging threat, individuals and organisations also have a real and present exposure, and we are not just talking about those businesses that process credit card information either.

 

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.

Cybercrime - its consequences & how to protect yourself

Price Waterhouse Cooper’s (PWC) 2011 report into security breaches noted that 93% of large organisations and 76% of small business have had a security breach in 2011, this is up from 35% of companies overall in 2008.* PWC advised in their report that the average cost to a small business is £15,000 – £20,000 and between £110,000 – £250,000 for a large organisation.

In this White Paper the Oval Group shares its view on the cybercrime challenges facing organizations and how an integrated approach to security management can lever significant insurance protection.