Businesses braced for bout of cyber regulation

Technology - Companies are the world are bracing themselves for Cyber security - SantanderCB

Companies around the world are bracing themselves for an avalanche of cyber security regulation as governments seek to force them to build stronger defences against potentially catastrophic hacking attacks. The toughest measures are expected to come from Europe, including a proposed fine of up to 5% of a business's global turnover or Eur100m – whichever is bigger – for a privacy breach. The cost of cyber attacks on businesses is rising fast. It was up 14% in Britain last year, according to the Ponemon Institute, whose data show that the average cost of UK cyber crime is highest among financial services, utility and energy and communications companies. The cost to financial services is estimated to hit £8.5m per company this year, over double the £3m in 2012. Banks are now trying to work together to tackle the problem of hacking – they have created the Financial Services Information Sharing and Analysis Centre, which shares data about security threats. 

 

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