At a glance
  • Hackers accessed the personal information of over 2.4 million Carphone Warehouse customers
  • With data breaches costing SMEs between £35,000 to £65,000, a Cyber Liability policy is something that few businesses should be overlooking in this day and age
10th August 2015

Carphone Warehouse victim of a 'sophisticated' cyber attack

On August 8th, the company revealed that they had discovered that a ‘sophisticated’ attack had taken place on August 5th. They were able to stop the attack once it had been discovered, and also put in place ’additional security measures to prevent further attacks’, but the damage had already been done. A large section of the company had been affected, including the division which deals with the website of many of its subsidiaries.

It is believed that the hackers had been able to access, and download, the personal information of over 2.4 million Carphone Warehouse customers. The data that the hackers acquired includes names, addresses and bank details. In addition, the attackers may have also gained access to the encrypted credit card details of over 90,000 customers.

SMEs are susceptible to a range of cyber attacks.

The attack on Carphone Warehouse again shines a spotlight on how vulnerable a company can be, regardless of its size, to a cyber attack. While it is important to invest in cyber security systems, this attack again highlights how it is also important to have the correct insurances in place to cover against any potential losses caused by a cyber security breach.

While the Carphone Warehouse has the financial power to bounce back from this sort of attack, the question many SME businesses should be asking themselves is, if they could bounce back?

If they don’t think they feasibly could, then it is important that they make sure they have the correct cyber liability insurance solutions in place. Being a victim of a cyber attack could do more than damage the reputation of a business, it could affect its relationship with suppliers and customers and irreparably damage the businesses ability to continue to do business.

SMEs are susceptible to a range of cyber attacks, which is why Lark offers a range of cyber liability policies that will, ultimately, help alleviate the financial impact of a cyber breach. With data breaches costing SMEs, on average, £35,000 to £65,000, it’s a policy that few businesses should be overlooking in this day and age.

Category:

Commercial