0370 270 6000

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.

Related opinions

New Insurance Distribution Directive application deadline announced

EU ambassadors confirmed yesterday that new dates for the transposition and application deadlines for the Insurance Distribution Directive had been agreed following the European Commission’s proposal to delay them in 2017.

View blog

Interim injunction granted to enforce restrictive covenants

The court has granted an application for an interim injunction against the claimant’s former employee to enforce non-competition restrictive covenants and confidentiality clauses in his employment contract

View blog

Sanctions for poorly paginated bundles

The case of PM Project Services Ltd (PM) v Dairy Crest Ltd (DC) 2016 has shown the implications of court bundles not being properly paginated.

View blog

Cyber risks - too risky for Lloyd’s market?

Syndicates within Lloyd’s market have reduced the amount of cyber risks they are underwriting. With instances of cyber-crime occurring on an almost daily basis and the huge costs of investigating…

View blog

Mailing list sign up

Select which mailings you would like to receive from us.

Sign up