Can I protect my firm from cybercrime?

Cybercrime is a serious issue – as the recent media storm surrounding the so-called Panama Papers, which focused on the tax affairs of wealthy individuals and organisations - proved.

The story was a major one in itself, but it was the hacking of client files at Panamanian law firm Mossack Fonseca that has implications for every business – even those right here in Peterborough.

The largest leak in history, with some 2.6 terabytes of data involved, the shockwaves of the Panama incident have been felt around the globe, and the hacking is a wake-up call to companies that don’ t already treat theircyb er- security with the same stringency as their legal, regulatory, financial or operational risks.

Protecting company data from attack is not just about keeping client data safe, it’s just as much about protecting yourreputation, youremployees and your future competitive edge, as well as keeping inside the law.

And it’s not just protection from outside criminals busi nesses should consider - the risk is just as likely to come from current or previous employees or competitors.

Last year a UK manufacturing company had design blueprints stolen and shared with a competitor.

They launched an investigation when the competitor released equipment which was extremely similar to their own, and established that they had been subject to a targeted cyber-attack, andthat the stolen blueprints had been sold toChinese-ownedcompanies.

The in filtration was achieved when hackers targeted a job-seeking chief design engineer, who unwittingly downloaded malw are through an email, after responding to a fake online recruitment profile designed specifically to trap him.

Electronic data is a hugely valuable commodity, andthat value can be encashed when it falls into the wrong hands.

With this in mind, company directors need to ensure they are meeting the requirements of the Data Protection Act and the Communications Act in the UK. These will shortly be joined by the EU Data Protection Regulation and EU Cybersecurity Directive.

In addition, directors have a duty to be informed on any issues that are relevant to the proper running of the company under the Companies Act 2006.

A new London-headquartered National Cyber Security Centre is expected to begin operations in October 2016, bringing all the UK cyber expertise into one place to address current problems with the digital defences of companies and organisations.

If you would like more information, please contact Nadine Duncan on 01733 888855 or email enquiries@buckleslaw.co.uk.