Cybercrime – The worrying statistics

The criminal fraternity are certainly highly resourceful when it comes to earning a dishonest buck! Less than 20 years ago cybercrime did not exist, yet now the global costs are estimated at an astonishing $388 billion dollars.

Any business that is trading online or holding any sensitive customer data should be highly aware of the risks involved; carrying out a risk assessment with the aim to minimising their exposure to loss is essential.

Data is now a highly saleable commodity, with reported privacy breaches increasing by over 1000% in the last five years. This could well be just the tip of the ice berg as in many parts of the world there is no legislation in place to make notification of data breaches compulsory. A recent worrying report in Computerweekly stated that over 33% of lost or stolen laptops contained sensitive data that was not encrypted.

Companies nowadays need very robust internet security with the back-up of a cyber-insurance policy that covers their own, and third party losses.

For information on cyber and privacy insurance, please contact Adam Lawrence on 0118 9165484 complete one of our enquiry forms.

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Author: Tony Gibbs | February 25th, 2013

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Tony Gibbs
Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767