A recent parliamentary report, (Cyber Security: Protection of Personal Data Online) recommends several new measures that businesses should adopt to improve their cybersecurity including:
- A portion of CEO compensation should be linked to effective cybersecurity, in a way to be decided by the Board
- Cybersecurity should be assigned to a senior individual with board oversight who can take full day-to-day responsibility and who can be “fully sanctioned” if the company has not taken sufficient steps to protect itself from a cyber-attack
- Businesses should not just focus on preventing cyber attacks but, given the prevalence of such incidents, anticipate such attacks and prepare themselves accordingly in order to develop an adequate response.
- Customers should be able to easily claim compensation if they have been a victim of a data breach
- Companies should also include information about the steps they have taken to guard against cyber attacks in their annual accounts to help give confidence to customers, shareholders and suppliers that they take security seriously and have effective processes in place
It is clear from this report that MPs have concluded that many businesses underestimate or ignore the risk of a cybersecurity attack and do not understand the likely consequences, both for the business itself and those people whose data is compromised.
WHAT YOU SHOULD DO
Focusing on technology alone to address these issues is not enough. Effectively managing cyber risk also means putting in place the right governance and the right supporting processes. We provide a comprehensive service to guard against successful cybersecurity attacks. Contact us to find out more.
This article is intended for informational purposes only, so please don’t rely on it as legal advice!
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