Hackers new worst enemy for business
Lockton is warning that hackers pose an increasing threat to business, as commerce continues to move online.
The insurer reckons that no firm is safe; only last month Marks & Spencer along with as many as 50 other clients of email marketing company, Epsilon, had thousands of customer details stolen.
In the case of M&S, Lockton partner, Ben Beeson, says: “It was a major breach. How much it damages them will come down to the regulation and how much litigation in the US comes out.”
According to the cyber-liability specialist, in the UK only between 1% and 2% of businesses are insured for losses resulting from hackers obtaining customer data, but Mr Beeson is expecting the proportion to rise to around 50% in the next five years.
Category: Business Insurance News, Insurance News
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