Malcolm Marshall, global partner in charge of Information Protection at KPMG, comments on fines being handed out when companies are unable to protect customer data. He says:
“Proposals to fine organisations two percent of their global turnover if they become victims of hacking will certainly concentrate executives’ minds. However, with more than two-thirds of all incidents of data loss in the past 12 months caused by malicious hacking, the majority of organisations are already very focused on tackling the problem. Threats to fine them will increase pressure to increase security, but with the growing use of mobile devices and the proliferation of personal data, the need to protect personally identifiable information is already understood.
“Several of the world’s largest companies have been targeted in recent months by hackers who have grown in confidence and sophistication. Since 2011 we have seen a 40 percent rise in attempts to access personal data or corporate information and this cannot be allowed to continue. But rather than threatening fines, perhaps the answer lies in greater collaboration. Hacking is a common problem and it is in the common interest to prevent it from escalating.”
Mike Petrook, KPMG Press Office
020 7311 5271 (t), 07917 384 576 (m) or firstname.lastname@example.org
Notes to Editors:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.