Half of the organisations attending the interactive cyber business seminar revealed they have suffered a data breach, and a majority had both an incident response plan and cyber insurance and place.

However, nearly one-fifth of those attending admitted that they did not know exactly what cyber insurance is.

Michael King, CFR director and qualified data protection practitioner, examined the legal aspect of a cyber-breach.

He told the seminar: “More and more of my time as an intellectual property lawyer is spent dealing with forensic issues.

“One myth is that because a hacker has your information, there is no liability. Although the hacker may not be traceable, other parties can be liable through negligence and breach of contract or contributory negligence of the intended recipient of the funds. If a business fails to store data correctly, it is not compliant with the Data Protection Act.

“If your business falls victim to cybercrime, it is important that law and insurance partners are contacted as soon as the incident is realised. The problem will not go away on its own, in fact it will only get worse, which is why it is necessary to address it immediately and seek the relevant, professional advice.”