As the issue of rising cybercrime costs hits the news again, we want to make sure that the focus isn’t shifted away from those who can be hit the worst when an incident takes place; the victims.
Although organisations can end up paying significant costs in dealing with the fallout of a data breach incident, it’s the victims whose personal and sensitive information has been exposed. It’s the victims who must suffer with the distress caused by the loss of control over their information. And it’s the victims who we focus on when we represent them for claims for data breach compensation.
Importantly, victims can be entitled to claim compensation when their information is misused or exposed. Data breach compensation pay-outs are separate to fines and costs and are designed to ensure the victims are properly compensated.
Huge rising cybercrime costs
It’s understood that the issue of rising cybercrime costs is getting worse and worse. One statistic has reportedly put the average cost in 2018 at £2.3m per minute on average. To put that into perspective, the 2017 average is reportedly understood to have been 0.68p in 2017.
Yes, that last part is in pence. There’s little need to even calculate the percentage increase given such a substantial difference.
This all accounts for billions of attacks that are thought to be taking place around the world, all of the time. At the top of the hit list remains the healthcare sector, which is why we take on so many claims for medical data breach compensation.
Why is this the case?
As well as increasing volumes of attacks, one of the primary reasons for rising cybercrime costs will no doubt be the amount in GDPR fines that can now be levied.
The new 2018 rules mean that the Information Commissioner’s Office (ICO) can issue monetary penalties of up to 4% of an organisation’s global annual turnover. The first two provisional intentions to fine have been set at £183m for British Airways, and £99m for Marriott.
Simple ransomware and phishing attacks that are popular to use could end up costing businesses millions unless they shape up their cyber defence.
What about the victims?
The issue of rising cybercrime costs lays at the feet of the businesses who end up paying for the damage, but the victims must always come first.
To have your personal and sensitive information misused or exposed can be devastating. Once your control over your information has been lost, it can be impossible to ever gain it back. And to be targeted by criminals yourself due to information exposed in a breach incident can be horrifying.
And that’s why we do what we do. Our focus is on the fight for justice for the victims who suffer as a result of poor data protection practices. We represent them for No Win, No Fee compensation claims so they can access the justice that they deserve.
You’re welcome to speak to our team for free, no-obligation advice about your options.