A report recently released has called for companies who lose customers personal data through cyber-attacks to be fined up to £20 million or 4% of global turnover. Christopher Graham, information commissioner said that ‘eye-watering’ fines would make the big players sit up and take notice. The report also called for the watchdog to be given tougher powers which would include the ability to fine firms that do not make it easier to identify genuine online or phone messages.
Chairman of the committee Jesse Norman said that “Failure to prepare for cyber-attacks and failure to inform and protect consumers must draw sanctions serious enough to act as a real incentive and deterrent.’
John Blamire CEO Falanx Group Ltd (LON:FLX) said “This is a clear and significant message to corporates of all sizes. The regulation surrounding client data is about to fundamentally change and these size of fines have been long expected within our industry. As regulation becomes reality I would certainly expect the requirement for Cyber Security services to increase significantly. More importantly is the shift from organisations of all sizes claiming ‘it’s someone else’s problem’, to one of accountability which will drive greater proactive engagement in securing the person on the streets data.”