Seth Berman, executive managing director of Stroz Friedberg, believes that law firms will have to pay more attention to cyber security.
The Information Security Breaches Survey, commissioned by the Department for Business, Innovation and Skills (BIS), reveals that the number of cyber attacks hitting businesses has increased over the last year. It showed 87% of small firms experienced a security breach last year - up 10% - and 93% of large organisations had also been targeted and found some attacks caused more than £1 million of damage.
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.
Phishing – a scam by online fraudsters by using seemingly genuine e-mails to con users out of information such as passwords, bank details and credit card information.
Below is an example of how Cyber Risk Matrix may look connecting Threat and Impact with Insurance Exposure (Click on Graphic to download)
The UK has joined over 70 companies and government bodies across 15 sectors and 25 countries to demonstrate their leadership and commitment to taking a responsible and collective approach to ensuring secure, resilient digital global networks.
This Ponemon Institute study examines the costs incurred by 36 UK companies in 11 different industry sectors after those companies experienced the loss or theft of protected personal data and then had to notify breach victims as required by law. Results were not hypothetical responses; they represent real cost estimates for activities resulting from actual data loss incidents.
The number of breached records per incident this year ranged from approximately 3,500 records to more than 78,000 records.
In this the the fifth annual benchmark study concerning the cost of data breach incidents for UK-based companies and which was supported by Symantec, the average per capita cost of a data breach has increased from £71 to £79.