At a glance
  • This attack on Wonga is just another data breach in a long line of breaches that highlight how crime is changing
  • The stolen information included, financial details such as bank account numbers and sort codes
  • While many business owners may believe it is only large corporate that targeted of cyber criminals, this is not the case
14th May 2017

Data breaches are becoming an even greater threat

Recently, payday loan firm, Wonga revealed that it had suffered a huge data breach that affected nearly 250,000 of its UK customers. The stolen information included, financial details such as bank account numbers, sort codes, and the last four digits of bank card numbers, making it one of the biggest breaches in the UK involving financial information.

This attack on Wonga is just another data breach in a long line of breaches that highlight how crime is changing in the 21st century. The frequency of cyber crimes, such as data breaches, has spiked sharply, with some sources stating that it now accounts for over half of the crime committed against UK businesses.

While many business owners may believe it is only large corporate that targeted of cyber criminals, this is not the case. No business is immune from this threat. In fact, smaller businesses are often seen as easier targets due to their lack of investment in their cyber security.

High-profile incidents, which leave customer’s at risk and the reputations of businesses tainted, are a reminder to companies that cyber protection must become a priority. These types of crimes will become more frequent and damaging as our reliance on technology increases.

At Lark, we are striving to raise awareness of Cyber Liability Insurance by educating our clients about the risk to their business if they fail to protect themselves adequately. Alongside providing comprehensive cyber liability insurance, we ensure that our clients have access to trusted experts who can provide a cyber risk assessment as well as help deal with a live data breach or cybercrime incident.

As a result of this, we have teamed up with Schillings, a firm that specialises in cyber security and data protection. Lark’s relationship with Schillings allows our clients to have access to a recommended and cost-effective risk management advice service that will help reduce their risk of falling foul of a cyber crime.

As cybercrime and data breaches are a constant threat, our cyber policy is designed to provide complete peace of mind. It will cover a number of first-party costs and, at a fraction of the cost of dealing with a cyber breach internally, it is something every business should have to protect their reputation and bottom line.

For further information on how Lark can help protect you in the event of a data breach, make an enquiry or get in touch with Martin Camp on 020 7543 2806 or martin.camp@larkinsurance.co.uk

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Category:

Commercial