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TalkTalk isn't cheap!

23 October 2015
News of the third cyber attack suffered by TalkTalk since February has broken - and this one could be catastrophic as 4 million customers’ personal and financial data may have been accessed. Hoping to regain their customers’ trust, TalkTalk have offered each customer a year’s credit monitoring - not a legal requirement in the UK yet but probably a good PR move. The large cost of this is just the tip of the iceberg; there are also the costs of shutting down the hack, contacting customers and regulatory bodies, and the business interruption and litigation costs that may flow from such a breach. The financial consequences of cyber crime can easily run into millions for large companies.

This event emphasises the need for comprehensive cyber and data breach insurance cover. Some policies cover PR and credit monitoring costs but some don't so it also demonstrates the need to get the right policy. Otherwise events like these could mean game over for companies.

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