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."
About Jardine Lloyd Thompson Limited
Jardine Lloyd Thompson Limited (jltgroup.com) provides insurance broking and risk consulting services to large and international companies around the world that require solutions to complex problems. The majority of their people are based in London but they also have a number of other operations including the Middle East and Sweden.
Clients include many of the world's leading names and they are market leaders in a number of areas, including Construction, Communications and Technology, Life Sciences, Onshore and Offshore Natural Resources, Marine and Credit and Political Risk.
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."