Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 22nd of January 2018
January 28, 2009

JLT: Monster Jobs data theft highlights insurance need

by JLTL

Story link: JLT: Monster Jobs data theft highlights insurance need

Hackers have stolen the personal data of up to 4.5m jobseekers by breaking into the database of online recruitment site Monster.co.uk

This latest breach is purported to be the UK’s second largest breach behind the HM Revenue and Customs data breach in 2007, and is another example that cyber crime is on the rise and that organisations as well as individuals are increasingly at risk.

Dawn Simmons, TMT Practice Leader, Jardine Lloyd Thompson Limited (JLT), says “Rest assured, notification enforcement is high priority on the Information Commissioner’s Office agenda the primary data regulator. This newest headline-grabbing data breach will likely fuel the discussions on this subject”.

“Organisations that suffer a data breach are susceptible to civil liability litigation, regulatory fines and sanctions, and reputational damage – all of which can have severe impact on an organisation’s bottom line. Traditional insurance policies are inadequate and typically do not address these types of exposures, such as data theft.”

JLT’s Enterprise Privacy Protection Policy is designed to specifically address these kinds of exposures and to fill these gaps in insurance coverage. JLT has a Technology Liability and Cyber Risks team dedicated to providing specialist expertise and access to the London insurance market.

Dawn Simmons concludes, “As more organisations store personal data electronically this issue will not go away and the right insurance will obviously play a key role both in terms of reputation management and profit.”

 

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