5 Companies We Hope Had Cyber Insurance
Cyber insurance is an insurance that is put in place to cover a business’s liabilities for a data breach containing confidential information. This could include a client’s health records, card/bank details, driver license numbers or passwords.
With over 50% of small businesses experiencing them it is important and essential to have the insurance in place, especially those which depend on being online or carry personal information of customers in a digital form. Here are a few examples of some well-known UK companies that experienced a data breach between the years of 2016-2018.
- NHS- In 2017 the NHS had a cyber attack causing 200,000 computers to lock out users with red-lettered error messages demanding the cryptocurrency Bitcoin. 19,000 appointments were cancelled, and the NHS received a fine of £92 million. https://www.telegraph.co.uk/technology/2018/10/11/wannacry-cyber-attack-cost-nhs-92m-19000-appointments-cancelled/
- British Airways – In the August of 2018 British Airways experienced an attack where customers typed in their credit card details and then a ‘malicious code’ on the British Airways website extracted those details and sent them to someone else. 380,000 customers all together were affected, and British Airways were fined £183 million. https://www.bbc.co.uk/news/technology-45446529
- TalkTalk- In 2016 Talk Talk was hit with an £400k fine due to a hack where an attacker accessed the personal details of 150,000 customers, including some financial data from around 15,000 of those customers. It was first noticed when numerous customers received scam calls pretending to provide technical support. https://www.theguardian.com/business/2016/oct/05/talktalk-hit-with-record-400k-fine-over-cyber-attack
- Uber– In 2018 Uber were fined £385,000 for a data breach affecting more than 3 million British users, collecting data on passenger’s full names, phone numbers, email addresses and the location where they had signed up. https://www.theguardian.com/technology/2018/nov/27/uber-fined-385000-for-data-breach-affecting-millions-of-passengers-hacked
- Ticket master- Throughout the months of February and June 2018 Ticket Master had data of up to 40,000 customers accessed, the information such as; names, addresses, email addresses, telephone numbers, payment details and Ticketmaster log-in details would have been accessed. https://inews.co.uk/news/consumer/ticketmaster-cyber-attack-data-uk-customers-what-to-do-advice/
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