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Cyber attacks are really not good for your corporate image anymore. They have a tendency to affect share price, credit ratings, attract law suits and generally leave a bad taste in the mouth of key stakeholders like customer, shareholders, employees and regulators.
One wonders the effect on your brand if and when the regulator decides to contact your customers including insurers and pension funds to support the process of determining the customer data losses from a data breach. It raises so many questions about the breach, such as the responsibility of the company affected by the attack and whether there is clarity over the extent of the breach and data effected.
̢We have continued to engage with Capita since their cyber incident was reported to understand the extent of any data compromise and impact on the firms they provide outsource services to including their underlying customers,̢ the FCA told the Financial Times.
While data breaches within the UK are more or less governed by GDPR. As U.S and EU cyber regulations roll-out, UK firms trading overseas may find themselves under the spot light of international regulators. Where the acronym FCA has a different meaning.
Ted Dziekanowski
#cyberattack #cyberriskmanagement #cybersecurity #cyberregulations
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