How to minimise cyber security risk

How to minimise cyber security risk

This month, we have seen further reported incidents of the use of malware and cyber security to gain personal data from consumers.

The Banks’ Integrated Reporting Dictionary (BIRD) website, owned by the European Central Bank (ECB), was hacked early this August, whereby the names, email addresses and job titles of the 481 subscribers to the bank’s e-newsletter may have been stolen.

Since 2018, the Information Commissioner’s Office (ICO) has made a total of 67 enforcements in an attempt to reinforce the confines of GDPR compliance and UK privacy laws.

 

Cyber security: On the rise

 

In Banking, new data released from banking trade body, UK Finance, revealed that incidents of online payment scams reached nearly 85,000 in 2018, with total losses of £354.3m. In Science, more recently, we saw the incident of Eurofins Scientific, the UK’s biggest forensic services provider, being targeted by a highly sophisticated ransomware virus in June. British police suspended work at the company in order to deal with investigation, creating a backlog of 20,000 forensic samples as a result.

 

The amount of sensitive data handled by large companies makes them a prime target of cyber attacks. Poor data management could lead to firms becoming vulnerable to threats such as bank transfer fraud, phishing scams, ransomware or data breaches, which allow for additional compliance risks. Furthermore, data collected through fraudulent means can be used many years after the event has taken place, and can be used to facilitate deception scams against companies and consumers, making them highly convincing and far more difficult to guard against.

 

As digital transformation continues to proliferate, companies would be wise to look to key technology providers in the industry, in helping them navigate these potentially challenging new territories.

 

Managing the data breach risk

 

Our current commercial climate is becoming increasingly data-driven. With more and more companies offering access to data and services online, and a high upward trend in mobile users, which is currently forecasted to reach 5.9 billion by 2025, the equivalent to 71% of the world’s population[1]. The more that corporate companies are expected to deliver their services digitally, and handle sensitive data frequently, in large volumes, the more they are at risk of advanced data breaches, and therefore the considerable resulting fines:

 

Fines applied to Knuddels,

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About the author:
Amy is a content writer and marketing manager at LexisNexis. She previously worked as an independent writer and researcher, for clients such as, Unilever, Kantar TNS, The Soil Association, MasterCard and Lufthansa Airlines. She has written for national publications, including City A.M. and Financial IT. Amy now writes and plans editorial content for the LexisNexis Future of Law and In-House blogs, as well as reporting on industry events. She has a Bachelor's Degree in Italian and French from the University of Warwick.