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Businesses face huge fines for data breaches

huge fines for data breaches

70 per cent of businesses were hit by at least one data breach in the last year.

This is a huge problem for companies already fighting for every penny in this economic climate, as they could face huge fines for data breaches of up to £500,000 if they’re not prepared. The huge fines are for the unintentional release of secure information to an ‘untrusted environment.’ Following a new government report, cyber crime is considered the biggest threat to Britain after terrorism. As our reliance on computers and networks is increasing, so is our exposure to the threat of cyber attacks. The government has recently pledged £500 million of investment to combat cyber attacks.

The problem of data breaches is worse in certain industries, with financial services, hospitality and retail accounting for 71 per cent of all breaches. Forensic readiness planning is recommended to identify potential risks and can help to minimise the impact of a data breach should it occur.

Joel Tobias, managing director of CYFOR, says:

“It’s a cliché, but prevention is better than cure. We’ve launched a forensic readiness service so that we can help companies protect the confidentiality of their corporate information and also help them avoid hefty fines from data breaches.

“The CYFOR forensic readiness plan is an affordable toolkit for businesses to ensure they’re prepared. The package will include an information security review from one of our expert forensic investigators − this will identify any potential weaknesses in their procedures. The toolkit will also include ongoing training to help build awareness of data security issues.

“It’s also about educating businesses should data breaches occur, how this can be investigated with minimal interruption to business processes and mitigating reputational damage.”

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