Cyber Crime Proposal Form
Private and Confidential
Cyber crime is not a fictional concept: it is a very real problem. Last year the cost of global cyber crime was estimated to be USD388bn-with an individual falling victim to a form of online crime every 19 seconds.
In today’s multi-channel, mobile and interconnected world, every element of society including government, industry, commerce, charity, health, education and individual citizens is increasingly at risk as more and more sensitive data is stored on a computer system somewhere in the world .the risks are constantly evolving as technology develops ,and they are likely to become more acute as a new generation of smartphones effectively become mobile wallets, which will place ever greater volumes of personal and financial data at a risk.
Our goals were to:
-Define cyber threats to domestic and global businesses
-Quantify the costs of a data breach
-Understand current and future legal requirements
Threat is growing
Criminals looking to steal and exploit data for financial gain are in an increasingly strong position. Not only does new technology and growing access to that technology provide even more opportunity, but government and private enterprises are aware that they can no longer keep quiet about data leaks and malicious attacks on their IT systems. While it is good to keep the public informed, any release of information on the nature and extent of cyber attacks and how to prevent them also educates the fraudsters and raises the threat level further.
Regulatory change is happening
Regulators across the world are waking up to the fact that changes in data privacy laws are required.
Cost of data breaching is rising
One certainty in this complex and fast moving area breaches are becoming more common and dealing with them increasingly costly, complex and damaging for the organization that owns’ the data.Nortons Cybercrime Report for 2011 estimates that the cost of stolen cash and cost of time spent on identifying and resolving data breaches to businesses and governments is around USD 358bn globally
Three key causes of loss
– Hackers and criminals were responsible for 32% of breach events
– Rogue employees were the cause of 19% of data breaches –and the poor economic climate is expected to exacerbate this problem going forward.
Theft of mobile computer equipment such as laptops and memory sticks carrying unencrypted data was responsible for 33% of breaches
WHAT ARE THE MAIN CYBER RISKS?
The connectivity that technology creates brings many business benefits, but there is a flip side. With the proliferation of mobile devices including blackberries, iPhones, smartphones, notebooks and iPads, commercial organizations are opening themselves up to new and growing threats from the risk of cybercrime and data loss.

Coverage

  • Data breach liability – for personal & corporate data
  • Data breach costs – including notification costs & IT forensic costs
  • Network security liability – for hacked or compromised systems including denial of service attacks
  • Media liability – for digital publications
  • Business interruption – caused by a cyber incident
  • Restoration costs for data & programs – resulting from a cyber business interruption event
  • Crisis communication – to mitigate reputational damage
  • Hacker theft cover – based upon theft of funds
  • E-payment liability – PCI fines and penalties covered

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