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Cyber crime & privacy are whole of business risks

While cyber crime is not new, increased connectivity between devices and continuing advances in technology combined with the involvement of organised crime takes cyber risk to a new level.

Businesses holding sensitive information and clients’ funds are attractive targets for cyber-crime. Professionals with special duties to maintain confidentiality are particularly vulnerable.

Breaches of privacy or confidentiality can lead to lost of customer trust, legal claims and even business demise. Privacy protection is a key customer concern and heavy penalties apply for organisations that do not comply with privacy laws requiring the mandatory reporting of notifiable data breaches.

Cyber resilience involves more than IT solutions

Cyber resilience involves people, processes, technology, mitigation plans and risk transfer through insurance.

People can be your weakest link or a valuable resilience resource. Human error is a key cause of privacy breaches, and more than 90% of successful cyber attacks begin with an email designed to deceive a recipient into clicking on a malicious link or attachment. Many email scams rely on impersonation fraud and do not involve any computer intrusion.

Insurance for cyber-related incidents and losses can offer valuable support. However, policy terms vary significantly and organisations may need assistance in deciding which policy best meets their needs, in understanding how different types of policies interact and the legal requirements for successful claims.

We can provide an overall cyber strategy, risk management and legal advice

Cyber resilience anticipates that breaches will occur and includes advance preparation that is ready to be implemented. Cyber resilience includes:

  • Awareness of threats, end user-education and behavioural change by all staff members

  • Business and profession-appropriate processes and systems

  • Cybersecurity solutions

  • Contingency planning and incident response

  • Risk transfer through business-appropriate insurance and insurance claims advocacy

 
 

Law & Cyber provides your business with critical know-how and support

We offer:

Cyber risk strategies for your business, professional society/scheme or board

Risk management education including presentations, workshops and webinars

Legal advice on all cyber-related areas including privacy, professional obligations and insurance

 

Review our resources page, here