In the past 12 months, the UK has experienced several changes that impacted businesses across the nation, regardless of size or industry. Between growing cyber-security concerns from high-profile breaches and the GDPR, broken supply chains from a commercial CO2 shortage and the collapse of big-name companies like Carillion, various risks have taken precedence. Not to mention, 2019 will be another year of change as Brexit occurs. To prepare for a new year filled with emerging and evolving risks, the European Confederation of Institutes of Internal Auditing recently released their annual Risk in Focus 2019 report. Don’t let your business fall behind—be ready to tackle these top risks:
It was a data breach nightmare for Morrisons when a disgruntled employee abused his access to the company’s payroll data. In January 2014, after copying the data onto a personal USB, the employee posted personal details of nearly 100,000 Morrisons workers on a file-sharing website.
But what happened next was even worse. While the employee received an eight-year prison sentence, the High Court took legal proceedings against the company itself as well. Although Morrisons was found to be compliant with data protection laws, the High Court and Court of Appeal recently agreed that the company was still vicariously liable for the disgruntled employee’s actions.
Especially in the era of strict data protection law under the GDPR, this situation emphasises the importance of being prepared and protected against any possible data breach situation. Contact The County Group today to discuss potential insurance solutions.