The hidden costs of a data breach to businesses globally has risen by 6.4 per cent in the last year, with the average total cost of a major breach hitting £263m. The amount of so-called mega breaches - cases that involve more than 1m records being lost - have nearly doubled over the last five years, with 16 mega breaches occurring in 2017. Data compiled by IBM revealed that breaches on this scale can cost a business anywhere from $40m (£30m) to $340m, with more than 90 per cent of these breaches stemming from malicious and criminal attacks as opposed to glitches or human error. The research also found that the publicly reported costs by companies having experienced a mega breach are often underreported, leaving out the hidden costs which includes factors such as a negative impact on reputation, and employee time spent on recovery. Lost business was found to be the biggest expense after a mega breach, costing companies an average of nearly $118m at almost a third of a hack's … [Read more...] about The cost of a major data breach for businesses hits £263m, almost doubling in just five years
Data breach cost
A row over the matter emerged as a major issue during judicial review proceedings taken by INM in its bid to quash a decision by the Office of the Director of Corporate Enforcement (ODCE) to apply to the High Court for the appointment of inspectors to the company. If INM is successful, it would mean ODCE director Ian Drennan would not be able to press ahead with the application. He wants inspectors to look into a range of corporate governance issues, including the suspected data breach. INM says the failure of the ODCE to disclose the existence of a key document meant the media group was not in a position to challenge assurances given by then chairman Leslie Buckley about the "interrogation" of company data. In 2014, Mr Buckley directed that a third-party company be given access to INM's data back-up tapes. Mr Buckley claimed this was done as part of a cost-cutting exercise where he was looking for information about a contract. But his explanation was undermined by the discovery of … [Read more...] about INM and ODCE in court row over late disclosure of data breach document
PROBLEMS due to maintenance work carried out on TSB's online systems over the weekend have left many customers unable to access their accounts. Here is what happened to the bank and what to do if you have been affected by by the issue. What happened to TSB? TSB had planned to carry out maintenance work on it's online services between 4pm Friday 20 April and 6pm Sunday 22 April. The bank had warned customers that they would not have access to services like online banking, making payments and transferring money online whilst this maintenance work was going on. But, after 6pm on Sunday TSB's online services were still down and many customers are still unable to access their accounts today (Monday April 23). Some customers have had their cards declined and direct debits cancelled, others have claimed that when they opened the TSB app they saw other customer's bank details and even had access to move money from the stranger's accounts. Did TSB have a data breach? TSB has denied that there … [Read more...] about Did TSB suffer a data breach, are my online banking details safe and is the website and app still down?
A MUM-OF-ONE has been left without access to cash due since Friday due to TSB banking problems as potentially millions of customers are still locked out of accounts. The bank was due to update its online computer systems over the weekend, with the work scheduled to be completed by Sunday night. Customers were warned via text and on social media about the upgrade. They were told that they should be able to make transfers using telephone banking and in branches. But mum-of-one Lynsey, 25 from Edinburgh, who has two accounts with the bank - a current account and savings account - has been without access to her funds since Friday. Her money is in her savings account and she has been unable to access online banking to move the cash. Lynsey, who is unable to work due to a non epileptic attack disorder, has been a customer of TSB since it launched in September 2013, when she moved over as a customer of Lloyds TSB before the two banks officially split in 2015. Are you a TSB customer affected … [Read more...] about Mum-of-one has had no access to cash since Friday due to TSB bank ‘data breach’ with customers STILL locked out
Taoiseach Leo Varadkar and Communications Minster Denis Naughten have broken their silence on the data breach scandal at Independent News and Media, saying it is very “concerning”.Their comments come as two Opposition leaders – Micheál Martin and Mary Lou McDonald – signalled they intend raising the controversy in the Dáil on its return next week.Speaking for the first time about the scandal at a Project Ireland 2040 event in NUI Galway, Mr Varadkar said an independent press is fundamental to the workings of any democracy and that we need a strong and independent media.He said: “I do have concerns. Of course I do,” the Taoiseach said. “For our democracy to function we need to have an independent press and we need to have a diversity of press ownership as well and, you know, I'm a great believer in that because democracy can't function without a strong and independent media,” he added.“What's going to happen now is a … [Read more...] about Taoiseach and and Communications Minster say INM data breach ‘concerning’