March 29, 2022

The many recent High-profile cyber incidents in Ireland highlight the risk of hacking attacks and data breaches.

The HSE incident in the middle of a global pandemic was a particularly stark reminder of the dangers that lurk. Such claims can be extremely costly and debilitating for any business as they grapple with the consequent data/reputational breaches and potentially large-scale business and network interruption loss companies they run. Companies and Directors and Officers may also need to notify claims under their D & O/Management liability insurance which can have a significant impact on the claims record if not dealt with appropriately.

Regulatory scrutiny remains high on a European level with on-going global developments and transatlantic experiences.

EU legislation regarding cyber breaches will put a further burden of regulation on companies and increase the risk of regulatory action.

This is a constantly emerging area so businesses should continue to attend where appropriate market presentations that will help stay attuned to the ongoing developments and immediate risks.