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Cybercrime is a challenge for internal compliance teams requiring a wider response than, ‘it’s a job for the IT department’. Cyber risk, like any other risk to your business, needs to be managed properly and considered a high Priority risk for the internal compliance or legal team. It is a business risk that must be managed within an overall information and risk management and crime prevention framework.

This Practice Note outlines:

1. •

   the issues surrounding cybercrime (ie why it needs to be on your radar)

2. •

   the threats posed to commercial organisations by cybercrime, and

3. •

   key vulnerabilities

This Practice Note reflects information security and breach notification Requirements in the General Data protection Regulation (UK GDPR), Assimilated Regulation (EU) 2016/679 but is not intended to cover specialist sector-specfic requirements in the:

1. •

   the Network and Information Systems Regulations 2018 (NIS Regulations), SI 2018/506

2. •

   the Privacy and Electronic Communications (EC Directive) Regulations 2003 (PECR 2003), SI 2003/2426 (as amended), and

3. •

   the Financial Services and Markets Act 2000 (FSMA 2000) and the Financial Conduct Authority (FCA) Handbook