Cambridge Analytica has been a name making global headlines lately, becoming infamous as the organisation which shook the digital world to its roots, following the Facebook data breach that saw the personal information of 87 million Facebook users.
Whilst the manipulation of US voters was Cambridge Analytica’s mission, what a company whistle-blower has done is to drag Facebook’s name through the mud.
Users worldwide are questioning how a massive organisation like Facebook, recognised as an IT expert, could be foiled by academic researchers. Urged on by WhatsApp founder, Brian Acton, and 340,000 #deleteFacebook tweets over the course of a week, some have already abandoned the social media platform.
Facebook would probably feel its days numbered, were it not for the value Facebook users derive from being in constant contact with friends and family. Users were not impressed when it took Facebook founder, Mark Zuckerberg, five days to apologise, resulting in the top-trending hashtag, #WheresZuck. Facebook’s shares tumbled 15%, wiping billions from its market value and Zuckerberg must soon explain the data breach to the US Congress.
This situation could rock consumer faith in many tech companies and in the Web itself, as noted by World Wide Web creator, Tim Berners-Lee, who says: “This is a serious moment for the Web’s future. But I want to remain hopeful.”
There is a huge lesson within this story. If an enterprise with the resources of Facebook cannot prevent a data breach, how can smaller businesses guarantee such a situation will not destroy them?
The whole saga demonstrates why cyber liability insurance cover is a must-have in the modern digital world, where new, unseen and highly damaging risks exist, ready to catch people out. Transferring this risk by insuring against it is essential, particularly with new GDPR legislation being introduced in May.
Cyber liability cover could not only offer protection in instances of data breaches, and provide crisis management support should the worst occur, but may also take care of extortion demands and deal with infringements of intellectual property, as well as helping with your all-important online reputation.
However, businesses must choose and buy the right cyber liability cover for their individual industry sector and purchase protection that addresses their own individual exposures, rather than picking something off the shelf.
Expert assistance is required, if you wish to negotiate the cyber liability maze. Please get in touch if you recognise that cyber liability protection could be the difference between business survival and bankruptcy.