child mortarboard gbp briefcase bath coffeecup tree twitter search crosshair fax house papers sort house-pound brochure list-items notes printer video-camera video virtual-video bath bed camera floorplan heart-empty heart-filled heart-empty-thin heart-filled-thin sofa calculator compass share clock list map-pen map-pin pencil save business-card letter phone heard people pointer cross linkedin google-plus facebook arrow-right close triangle-down my-wink my-wink-thick house-circle loading-spinner bell close-circle dog link pinterest school transport wardrobe arrow-up one two three four five six seven tick

Cyber Crime

Recently we released a brief overview on the new Data Protection Bill which is coming into force 25 May 2018 under the new General Data Protection Regulation (GDPR).

With the GDPR will be an increased focus by authorities on Cyber Crime, therefore it is extremely important to speak to your broker about implementing Cyber Insurance as soon as possible, if you don’t already have it.

In the paper on National Cyber Security Strategy that was published in 2016, the government stated that they will invest “a total of £1.9 billion over the next five years to transform significantly the UK’s cyber security.” Whilst that is encouraging for the UK it is still of vital importance that you know how to protect your business and clients’ data from online threat.

A data breach under the new GDPR is broken into two tiers of sanction with the most serious of violations resulting in maximum fines of up to £17m or 4% turnover – whichever is greater.

In 2016 the top causes of cyberattacks in the financial and professional services industry – of which estate agents form part of, were as follows:

Cyber crime

This shows that even if you are confident in your IT systems and support, there are many other factors that can cause cyberattacks; in fact, employee human error accounted for 18%.

Directors have a duty to shareholders to have a measured response in place for cyber crises, thus as stated before, if you don’t have Cyber Insurance in place to limit damage and help protect your business is it wise to speak to your brokers.

 


 

To find out how you can become part of Winkworth contact our New Franchising team

James Campbell | Gina Piper
newbusiness@winkworth.com | 0207 355 0200

Sources: Baker Hostetler 2016 Data Security Incident Response Report/Cyber Security-Gov.UK/ICO/Gov.UK

Related posts

Are you ready to own your own business?

Making the decision to leave the safety and security of working for someone else, to owning your own business, is not one to be taken lightly. If, however, you want to join the one in 18 people in the UK who currently own their own business, you must make sure that you’re ready.

Read post

June 11, 2019

Winkworth managers key to office success

Incoming franchisees don’t always want to have a day-to-day involvement in the running of a Winkworth office. In these circumstances, buyers often bring in new talented individuals to manage the offices for them, and it’s a testament to these managers that most of the resales see a sharp increase in revenue from day one.

Read post

June 10, 2019

Is now a good time to open an estate agency?

Launching any business during the ever-extending Brexit negotiations can seem a daunting prospect, but people are still doing it.

Read post

May 30, 2019

Find your Local Office

Find your Local Office

Speak to people who, quite simply, love their patch and love what they do.

Get a Free Valuation

Get a Free Valuation

Thinking of selling or letting your property, or just interested to know what it is worth nowadays?