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Cyber Liability Risks - is your business protected?

Monday 23 September 2013

A breakfast seminar will take place at the Pomme d'Or hotel on 8th October to highlight the increasing impact of cyber risks on business and to discuss the measures that can be taken to mitigate these risks. Organised by Vantage in conjunction with Ascent Underwriting and KPMG.

A breakfast seminar will take place at the Pomme d'Or hotel on 8th October to highlight the increasing impact of cyber risks on business and to discuss the measures that can be taken to mitigate these risks. Organised by Vantage in conjunction with Ascent Underwriting and KPMG.

Cyber exposures are one of the biggest current day threats to businesses and should be seen as a high priority matter not solely by the IT and Compliance functions of an operation, but also the Board. Any business that involves client data storage, digital commerce and social networking is at risk. This could be as basic as sending and receive information by email, regularly downloading documents from websites, emails or memory sticks.

Cyber risks effects all types of businesses in all sectors, particularly those in the financial services sector who are largely reliant on technology to handle, store and process highly confidential client and commercial information. They therefore, generate a significant cyber risk. A breach of network security, a hacker attack or a denial of service event could have a significant impact on operations. Consequently, the third party liability and the associated costs and expenses to comply with privacy regulations, restore data and deal with a breach can be substantial. These risks should be taken seriously by the board of directors and the company’s corporate governance framework.

Facts:

  • Cyber fraud is the worlds biggest type of fraudulent activity.
  • Cyber-crime includes – identity theft, industrial espionage and extortion, online fraud, scareware, IP theft, customer data loss, online theft from business and fiscal fraud
  • Cyber-crime in UK estimated at £27bn per year, a significant amount (£21bn) impacts on UK businesses and its likely to be growing
  • A pc somewhere in the world is infected every 4.5 seconds
  • The cost of a computer failure can run to £10,000 per hour or even £1m a day for larger organisations
  • 600% rise in the number of malicious websites in 2012
  • As social media use increased in the workplace so did the exposure to sensitive information
  • The average cost of an IT security breach to a UK business is £1.75m
  • A third of data breaches are caused by memory stick theft

Speakers:

  • Richard Packman, Managing Director, Vantage Limited
  • Arthur Mainja, Senior Manager, KPMG
  • Gareth Tungatt, Director, Ascent Underwriting

Vantage Limited

Vantage is a specialist insurance and financial services company offering a bespoke range of products and services to a wide range of professional, corporate and private clients.

For further details about the seminar please contact Sarah Le Page by email (sarah.lepage@vantage.je) or by phone (706500).

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