Businesses Hit By Cyber Crime

combating cyber crime at pkf cooper parry it

More than 65% of businesses have been hit by cyber crime. Make sure you’re not one of them!

If you’re a UK company that handles the personal data of EU citizens, you should have already heard about the new legislation coming into force next year, aimed at strengthening data protection policies and making businesses store people’s personal information more safely.

The new General Data Protection Regulation (GDPR) is effective from May 2018 and businesses could be hit with a huge fine if they don’t have the right data protection measurements in place.

According to Victoria Playford, our IT solutions partner, it’s never too early to start reviewing your company’s data policy and revising its terms of use to ensure it will be compliant with the new legislation:

“The last time the UK’s data protections laws were revised was the Data Protection Directive 1995 and Data Protection Act of 1998. We live in an increasingly data-driven world that is vastly different from when the 1995 directive was established, so it makes sense for the legislation to be updated.

“The new GDPR is designed to harmonize data privacy laws across Europe, protect EU citizens from privacy and data breaches and reshape the way organisations approach data.

“All businesses operating within the EU will be expected to comply and any companies found not to meet the requirements of the regulations could be subject to a fine of up to 4% of their global turnover, or €20 million – whichever is greater.

“Although the key principles of data privacy will remain in line with the previous legislation, there are a number of key changes, which are likely to have a significant impact on businesses.

“A massive two thirds of businesses have been hit by cyber-crime over the past 12 months alone. If a company’s security is breached, as well as the loss of intellectual property, businesses will suffer from a loss of kudos and ultimately a loss of clients, making this kind of attack tremendously detrimental.

“Cybercrime is unfortunately on the rise and it isn’t just limited to global corporations. Cyber-thieves thrive on data and they can use it to cause serious harm.

“In order to prepare yourself for the introduction of GDPR, it’s important to establish your current position in terms of data security and where you could be going wrong and what you should be doing better.

“I’d recommend that businesses start with a review of their current cyber-security. PKF Cooper Parry has a dedicated Cyber team who are on hand to help with any concerns that businesses may have.

“Our friendly team will perform a thorough review to assess the current measures you have in place, find any potential risks and make sure you have the right safeguards in place to protect you from cybercrime and prevent a hefty fine, too.”

“This could be as simple as where you keep client’s paper files, what access your guests have to Wi-Fi or even how you lock your screen when you leave your desk. “

If you have any concerns about your business’s data protection system or want further information about the new GDPR legislation, contact our cyber team at cyberteam@pkfcooperparry.com.

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