Business Services
Management & Strategy

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. 


Note: News bulletin content has been provided by a third-party and is not the opinion of Santander

Other Articles

When you’re an established business, recruiting top talent in all the areas you need can seem like a never-ending challenge.


If you’re a start-up or small business, how can you put together an attractive employee package to appeal to top talent – graduate and…


Mexico is predicted to become one of the world’s top 10 economies in the next 10 or 20 years.

Stop fraud

More than one million incidents of financial fraud occurred in the first six months of 2016, according to official figures released by…

Santander’s Head of SME International Mark Collings discusses why exporting to new global markets may provide businesses with new and…

Where Next?