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European companies underestimate cyber risks

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Magazine Issue: 
Insurers facing the digital turning point [3]
Magazine date: 
Jul 2016
A recent study by Lloyd's conducted among 350 European companies reveals that 92% of the surveyed institutions have experienced a cyber attack in the past five years.
cyber risks

However, only 42% of them are concerned about possible reproduction of such an event.

Worried about the underestimation of this emerging risk, the European Parliament adopted on 14 April 2016, a regulation on data protection (RGPD) which will be applied on March 2018.

The companies operating in the European Union will now have a computer risk prevention strategy. In the event of a cyber attack, they will be forced to report the incident within 72 hours.
Failure to comply with computer security obligations will be fined of up to 20 million EUR (22.4 million USD).

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Thu, 22/09/2016 - 14:50

Source URL: https://www.atlas-mag.net/en/article/european-companies-underestimate-cyber-risks

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[3] https://www.atlas-mag.net/en/issue/insurers-facing-the-digital-turning-point
[4] http://www.atlas-mag.net/en/article/insurance-of-cyber-risks
[5] http://www.atlas-mag.net/en/article/cybercrime
[6] http://www.atlas-mag.net/en/article/only-11-of-british-companies-are-insured-against-cyber-risks