In our ever more connected digital world, data security breaches are on the rise impacting businesses of all sizes. Whether it’s a high profile targeted hack or a lost laptop, the incident can expose your business to a range of costs and potentially irrevocable consequences.
Whether preventable technology incident or simple human error, the risks to your business remain high:
- Regulations and statutes around the use and protection of data are on the rise; serious data breaches will be looked into by regulators – the Information Commissioner’s Office as well as the Financial Conduct Authority.
- Where the breach has given rise to personal loss or damage, there may be liability to numerous data subjects, particularly in the case of identity theft. Business partners can also be liable under the terms of commercial contracts governing the control of data.
- Should data breaches make it into the public domain – inevitable in the event of a serious breach and our always-on social news cycle– the impact on a company’s reputation can be disastrous.
- Losses will necessarily be incurred in terms of the cost of identifying and rectifying the breach, and notifying affected parties – from the time and finance perspective.
- Data breaches also cause significant business interruption, impacting performance and revenue losses while the breach is investigated. Similarly, management time and resources will be directed to responding to and containing the fallout from the breach.
With the considerable business risks posed by a data security breach, it’s vital your business is well-placed to mitigate the risks – quickly and effectively. This starts with the initial fall-out of a breach – from identifying any compromised data and notifying data subjects, through to addressing reputational issues. Ensuring your business has coverage in place for the costs to respond to a breach successfully is key. Other areas to consider include the costs to defend and resolve claims for statutory violations, negligence, regulatory investigations and a breach of a contract.
Macbeth is working closely with customers from all sectors to help them better understand their liability exposures:
- Breach costs
- Privacy protection
- Multimedia protection
- Cyber business interruption
- Hacker damage
- Cyber extortion
Macbeth partners with industry leaders who can provide a fully integrated data breach response service to manage, investigate, resolve, and recover from a breach. Combined teams can offer a one-stop shop to cover each touch-point of your business impacted, be it technical forensic investigation, legal advice, notification, web and credit monitoring and PR support. This gives your business access to the expertise needed to manage a data breach successfully.
Working together, we can help assess your business’ unique requirements around a potential data breach and help you minimise potential threats.
*Information correct as of 1st May 2016