Cybercrime is an increasingly costly phenomenon to the world economy, estimated damages stood at more than $440 billion last year. To support companies audit their current defences, as well as become compliant with key UK and EU regulations, Grant Thornton and international law firm Lewis Silkin have partnered to launch DataCheckPoint.
The proliferation of digital technology continues to create a host of new opportunities for businesses, from new marketing channels to more efficient processes. Digital technologies are, however, often vulnerable to hackers and other forms of cyber criminality. A recent report highlights that an average $445 billion is lost to the global economy each year due to cyber crime, while businesses lose up to $280 billion of that. Large UK businesses, according to government estimates, lose an average $4 million in a single data breach.
In recent years efforts have begun to arise to tackle key issues in cyber security, focused on reducing incidents by better training staff – implicated in most incidents – as well as creating new, and often prevention, focused insurance policies. The consulting industry, too, has become increasingly interested in the landscape, launching a range of initiatives, including PwC and Capgemini, to support companies deal with incidents and bolster their respective defences.
Grant Thornton recently announced that it has launched DataCheckPoint, a new data and cyber security audit service, in partnership with international law firm Lewis Silkin. The two professional services firms have a long-standing relationship in the realm of advisory and cyber security – building on the experience they have decided to join forces.
The new service involves an eight-stage process, whereby key processes and infrastructure are audited within a company – using audits that incorporate a new ‘scoping and gap analysis methodology’ delivering reporting and effective compliance implementation programmes.
DataCheckPoint is further set-up to support clients meet the reporting and compliance requirements of the General Data Protection Regulation (GDPR) and the Security of Network and Information Systems Directive (NIS Directive).
Manu Sharma, head of cyber security at Grant Thornton UK, remarks, “Robust data compliance is critical to protecting organisations’ reputations and DataCheckPoint provides a tailor-made, flexible solution that will both offer a bespoke systems evaluation and, critically, identify solutions to mitigate any risks. It is our aim to help businesses prepare for the GDPR and the wider, global, cyber and data security landscape in the most resource-effective and timely way possible,”
Nathalie Moreno, a partner at Lewis Silkin, adds, “With Europe taking data and cyber security incredibly seriously and establishing new rules, a joined-up approach to compliance and audit is now a necessity and we’re delighted to be launching DataCheckPoint as a solution for businesses."