Why Cyber Insurance Is a Key Part of Your Defence
GUEST COLUMN: Emma Francis, Financial Risks Officer, Thomas Carroll Group
You’d have to have been living under a rock during the past six months to not have heard about the cyber attacks that brought retail giants Marks & Spencer, Co-op and Harrods to their knees.
Marks & Spencer was significantly affected after a hack in April. All online orders and purchases were halted and shelves were left empty as the retailer scrambled to fix the problems. Customer data was also caught up in the breach. This meant the retailer had to break this awkward news to its customers. It wasn’t until July that M&S’s website finally felt back to normal.
Hackers are also said to have launched an attack on Co-op and Harrods, which had a knock-on effect on supplies and orders.
Author's summary: Cyber insurance is crucial for defence.