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.
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US retailers generate over $200 million in costs from Data breaches
In a just over two weeks in the run up to Christmas Target Corp (TGT) had a major Cyber Theft where up to 70 million Customer Credit Card details were stolen.
The Minneapolis based retailer, the second largest discount chain in the US, has generated costs already estimated to exceed $200m according to figures provided by the Consumer Bankers Association and the Credit Union National Association.