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:
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
firstname.lastname@example.org | 0207 355 0200
Sources: Baker Hostetler 2016 Data Security Incident Response Report/Cyber Security-Gov.UK/ICO/Gov.UK