News
Yahoo hack comment - Lloyd’s
August 2016 by Dan Trueman, underwriter at Lloyd’s
In response to the sale of 200 million Yahoo! accounts on the dark web, Dan Trueman,
underwriter at Lloyd’s, has written the following comment
from an insurance perspective.
"The release of 200 million Yahoo account details highlights once again how evolved
cyber-criminals are. No organisation is safe and although 200 million is a
significant number, the potential sum of lost revenue and reputational damage can
dwarf this figure in an instant.
"Many companies have accepted that cyber-security is a case of putting in place
containment and mitigation measures for when, not if, a cyber-attack takes place.
"While a robust security programme and an incident response plan is vital, it’s
equally important for security teams to work with cyber-insurers to get a full
understanding of the types of risk their organisation is vulnerable to. This will
allow businesses to protect the bottom-line whilst minimising the associated costs
of a cyber-event including legal liability costs, regulatory fines and reputational
harm."
