Cybercrime and cyber liability- The threat from within

When it comes to cybercrime not all attacks are being carried out by stereotypical hackers sat at a computer in some far flung part of the world.  In fact, the threat is probably far closer to home than you think.

With confidential data and intellectual property being highly valuable resources, firms need to be aware of the risks associated to their own staff and have in-depth risk management procedures in place. The trend for employees to bring their own devices to work can lead to security breaches and the spread of unwanted viruses and malware.

A malicious employee or a former employee is also a threat. In Texas a few years ago a disgruntled ex-employee caused havoc as he was able to remotely disable over 100 cars because the dealership where he worked had not revoked his passwords after firing him.

The growth of social media within business is also a double edged sword. Social networking sites can be used extremely effectively to promote a business but need to be monitored carefully, especially if there is any contribution from employees. Firms could be leaving themselves exposed to cyber liability claims if comments are posted which could be considered libellous or defamatory.

Cyber liability insurance has developed over the past decade to help businesses which rely on systems, websites or hold confidential data. The policies react by reinstating lost profits if their systems are hacked, restore damaged systems following a hacker attack, and providing legal defence costs or indemnity for content posted on the internet.

For further information please contact Adam Lawrence on 0118 9165484 or complete one of our enquiry forms.

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Author: Tony Gibbs | August 9th, 2013

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