Cyber Risk - are you prepared?
Cyber risk is one of the biggest threats to business today. Any business which involves transactional websites, client data storage, digital commerce and social networking is at risk- even basic information by email or downloading documents from the web. Attacks can take the form of a "hacker attack" or a denial of service where vast amounts of information are sent via the Internet to a targeted website, which then crashes. These kinds of attack have grown in complexity, volume and sophistication.
The Channel Islands have recently been subject to attacks in recent months and the frequency and severity is only set to increase. Attacks are not just financial services focused; commercial and corporate business, retail and wholesale are potential targets.
So what should you do to protect yourself against an attack, and deal with the third party liability with its associated privacy regulations and potential costs or compensation?
Significant amendments to European data protection regulation are a step closer to being implemented in 2014. Under the proposed Directive, firms founds in breach of data protection rules may be subject to fines of up to 100 million or 5% of their global turnover.
The panel will be Chaired by Richard le Tocq, Director – Heritage Insurance:
Cisco Systems – Paul King, Threat Intelligence;
AIG – Raheila Nazir :, the Cyber & Technology lead for the UK;
Prosperity 24.7 – Chris Clark, Managing Director; and
JT – Tim Ringsdore, Chief Relationship Officer.