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Digital Financial Services: Protecting your business from cyber security threats

Digital Financial Services: Protecting your business from cyber security threats

  • United Kingdom
  • Hong Kong
  • Privacy, data protection and cybersecurity
  • Financial institutions - Digital Financial Services

16-05-2016

The threat of cyber security breaches is increasing. Serious consequences can follow a breach, including:

  • potential regulatory issues
  • business liability
  • damage to reputation
  • costs of remediation.

90% of large organisations report that they have suffered an information security breach – an increase of 9% since 2014.

For FCA regulated companies, adequate cyber security measures are an integral part of regulatory compliance. Apart from the regulatory ramifications of a data theft, a company may be liable to its customers or suppliers under breach of contract or negligence.

The UK Government’s 2015 Information Security Breaches Survey highlights the increasing prevalence, scale and cost to businesses large and small throughout the UK. The average cost (to surveyed companies) caused by a breach, including business disruption, regulatory fines and compensation, has increased to as much as £311,000 for small businesses and £3.47m for large organisations. The damage to their reputation and trust, as well as loss of confidential information, intellectual property and trade secrets, can be far more significant and impossible to repair.

In this briefing, we consider this evolving threat and set out 10 practical steps to help protect your business.

Download the full guide: Clicking into place - protecting your business from cyber security threats

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