LONDON, UK (26th May 2011): Following the recent Which? report on possible data protection breaches by banks and building societies, Matthew Norris, e-risk and privacy expert at specialist insurer Hiscox, comments:
"In the US it was found as compulsory notification of data breaches to consumers was brought in, the number of data breaches surprised many. At the moment in the UK there is no general requirement to notify consumers of data breaches which in effect hides the number of breaches in the UK."
"The Which? Money report reveals the first few puffs of smoke, before the eruption of news about the incidents likely to follow with compulsory notification that most data breach lawyers anticipate."
"Pressure is building for companies to put in place measures to protect their customers as awareness grows amongst consumers of online risks. The high profile Sony data breach highlighted this, as it was only after public discussion and political pressure that the offer of credit monitoring emerged. Any company, small or large, that houses customers data need to be aware of these fast changing risks and put in place robust strategies to protect against loss through cyber crime or third party."
For further information please contact:
T: 020 74486494
M: 07824 453786
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited, Hiscox Europe Underwriting Limited and Hiscox Syndicates Limited are authorised and regulated by the Financial Services Authority.
For further information, visit www.hiscox.com.
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