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UK companies could be fined for cyber security faults

UK firms could be hugely fined for up to £17mln, which makes up 4% of global turnover, in case they don’t take steps to avert cyber attacks which could lead to serious breakdowns of services like health, transport or electricity networks.

Proposed measures regarded as a component of government consultations that commenced today, make clear that fines will be imposed only in the worst case scenario and will not be used if companies going through an attack can show that their risk assessments were adequate.

The initiative follows the events when the NHS fell under the attack of a malware spread across the world and became one of the largest organisations on the list. This lead to cancellation of operations, misleading of ambulances, and blocking medical records.

The global attack that infiltrated multiple computers all through the health service was due to the virus dubbed WannaCry.

Another instance that spurred the move was a massive failure at a British airline company, affecting 75,000 passengers and causing £80mln losses, the company though depicted it as power supply troubles, not linking it to the malicious software.

The consultation is going to look into system failures, and demand from organisations to report the steps taken to mitigate the risks.

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