We live and do business in a world fraught with cyber risks. Every day, companies and consumers are targeted with attacks of varying sophistication, and it has become increasingly apparent that everyone is considered fair game. Organisations of all sizes and industries are falling victim, and the cyber risk is quickly becoming one of the most prevalent threats.
When disruptions do occur from cyberattacks or other data incidents they not only have a direct financial impact, but an ongoing effect on reputation. For example, Carphone Warehouse fell victim to a cyberattack in 2015, which resulted in the compromising of data belonging to more than three million customers and 1,000 employees. While it suffered financial losses from the remedial costs, which included a £400,000 fine from the Information Commissioner’s Office (ICO), it also led to consumers questioning whether their data was truly secure with the retailer and if it was simply safer to shop elsewhere. That loss in consumer confidence is incredibly difficult to claw back, particularly at a time when grievances can be aired on social media and be shared hundreds or thousands of times.
To pile on further scrutiny, in…
