Where does the Labour government stand on data protection, cyber security and AI?
Of all the Bills announced in the King’s Speech, some are relevant for those working in the data protection, digital information and data security space. The Government has appointed a Minister of State for Data Protection and Telecoms. His name is Sir Chris Bryant, MP.
It is well known that your people are the weakest part of your business security defences. You can spend a great deal of time designing processes to protect your business. You can then invest in state-of-the-art technology to detect threats. However, these will only work if the people using them know what they’re doing. This is why you need an information security policy.
As inflation rises, businesses must always look for ways to save money. Such a way is to address the cyber security risks you face. Cyber Essentials is a proven way to reduce this risk.
In 2021 there were more than 1,200 publicly disclosed data breaches. On average, organisations were spending an average of £3 million in response to such incidents. However, this doesn’t apply to smaller and micro businesses. The damage to smaller companies are normally fatal and often result in the business failing. Therefore, effective risk management is a must.
One of the most common ways to mitigate the risk of a cyber security incident is cyber insurance. Such policies provide organisations with the means to implement incident response measures. This can be forensic investigation, legal assistance and/or public relations support.
Standard business insurance will not cover such items. Most only cover costs related to technical issues. These might be issues such as corrupted hard drives and lost devices. Subsequently, your cover might be insufficient.
There are no doubts as to the value of cyber insurance. The UK Government’s Cyber Security Breaches Survey 2022 found that only 43% of businesses have a cyber insurance policy. However, most businesses were not included in the survey, as it did not address many of the UK’s micro businesses (0-9 employees). Therefore, the situation is far worse than the Government believes it is.
If you do not have a policy, you are missing out on countless advantages. Your business will be exposed to serious damage, which must also be considered in the event of a breach.
Data breaches are huge for a business. It begins with the immediate shockwave when an incident occurs. This means disruption to business processes and the need to adopt emergency response measures.
The problems will continue and your reputation will need repairing. This might include setting up helplines for affected individuals. Maybe you have to offer complimentary credit monitoring services. There will be a cost to this. Does your insurance policy cover this?
Even when you take these steps, you will lose customers. We have always preached that losing your clients’ data will result in the losses of some of your clients. This is because your clients lose trust in your ability to protect their sensitive information.
However, your problems are not over. The regulator will know of your breach and will investigate. This in itself will be a resource drain for you. The ICO enjoys publicity, so your reputation might suffer again, however.
The threat of fines and enforcement action is real. The GDPR (General Data Protection Regulation) and its UK equivalent, supervisory authorities have the power to impose penalties of up to €20 million (about £17 million) or 4% of the organisation’s annual global turnover.
Most organisations won’t receive a fine. If they do, it shouldn’t be fatal. However, a comparatively lenient penalty can cause major problems. This could mean job losses.
Even if the regulator doesn’t issue a fine, it might issue an enforcement order. This could require the organisation to invest in its security defences. This might mean enrolling staff on awareness training programmes. However, all of these requirements have an associated cost.
We strongly recommend you investigate cyber insurance. We won’t try to sell you a policy. It is not our policy to recommend a provider. What we can do is help you ensure the policy covers your needs. We can help you with protecting your business. We strongly recommend Cyber Essentials. This will decrease your risk and protect your business.
Initiatives like Cyber Essentials can help you protect your business. GDPR compliance will help you protect the personal data you process. Therefore, why not book a free call with us to chat about your needs. There is no obligation and we will even provide you a report without charge. If you choose to call us, have your insurance documents to hand. We will let you know how well covered you are. Or perhaps not…
In July 2016, the EU issued the eIDAS regulation, which increased the significance of electronic signatures drastically. However, under the current circumstances, the value of signing documents online is higher than ever before.
The electronic signature serves as a piece of evidence. Both business people and private individuals can conclude legal transactions. This would otherwise require a handwritten signature. That might mean a trip to the bank or offices in question. Companies are able to offer a fast and on-the-go verification, and conclusion of the contract according to their customer’s schedule.
Yes, there are three types:
The first is known as a Simple Electronic Signature – normally seen on emails and doesn’t need to meet any specific requirements. You can sign an email with your own signature.
The next type is the Advanced Electronic Signatures. These are better known as AES. However, they do need to meet certain requirements. An AES needs the signatory to be identifiable using a verification key or their signature. Therefore, this type of signature is more authentic than a simple electronic signature.
However, the highest requirements are specified for Qualified Electronic Signatures (QES). This type of signature requires a signature card and a reader together with suitable signing software. A solution of this type can be server or cloud-based. A QES requires the secure identification of the applicant.
Using this will help streamline your process and save you time and money. For example, no more printing, signing and scanning of contracts. No storage of paper copies and reduced handling time. You can also track documents that are awaiting signatures. Therefore there is no loss of business or delays in getting a contract started.
Electronic signatures generally increase client satisfaction as well as employee satisfaction as it is a much more efficient way of doing business.
If you want to know more about how we can help with this, please call us today. Half of the businesses in the UK use this technology in their business and another third plan to according to a report by London Research.
If you would like to know more about our document management platform, please call us on 03333 22 1011 or contact us here. You can find out more here.