Quantify the financial risk a GDPR breach can have on the business
Tuesday, 10th May 2022
Financial data belonging to as many as 42.2 million people in the UK was compromised in data breaches last year, up from 2.2 million in 2019-20, says RPC, the international law firm.
RPC says the huge spike likely reflects an increase in the amount of data compromised, partly because of a greater number of ransomware attacks. These can potentially involve significant quantities of data being copied at the same time as encrypting the targets data.
Having taken financial and other information from the targets system, the criminal gang will threaten to sell the data, or leak it on the dark web, should the target refuse to pay the ransom.
RPC says the financial cost to businesses posed by ransomware attacks can be dramatic. This includes not just the cost of the interruption to the business, but the various legal and regulatory ramifications of large amounts of personal data being taken.
Richard Breavington Partner at RPC says ‘The surprisingly high number of people whose financial data was impacted in the last year shows how cyber-attacks have become endemic. Before carrying out an attack, hackers are increasingly carrying out reconnaissance to scope out protections that are in place, as well as data held by the company. Businesses should not be making their jobs easier by signposting this information.’
*Year-end June 30 may include individuals that had their financial data compromised more that once in completely different and unrelated data breaches.
Based on data provided to the ICO by organisations that have suffered a data breach.
Extract taken from IFA magazine April 19th, 2022. To read full article please follow link: