New figures reveal that mid-sized and large businesses could be in line for fines totalling £20bn if they fail to protect their customers from data breaches.

Companies that suffer a breach could face serious financial consequences once new data protection regulations are fully introduced across EU member states.

Although many business owners arrange insurances to cover items such as buildings and contents, machinery, vehicles, stock and cars, many don’t consider insuring what is usually their greatest asset - the proprietors and staff.

In addition to this, 57% of businesses state that they have outstanding corporate debt, but many still have no cover in place to repay it upon loss of a key person.

Andrew Kilby, Managing Director of Armstrong Watson Financial Planning comments:

Retail banking is under pressure from every angle. Technological advances, and the evolving attitudes they shape, have lowered the barriers to entry for new challengers and rendered ‘legacy systems’ a competitive disadvantage for the established players. Technology giants cast a growing shadow, and the march of the regulators is gaining pace – with the Competition and Markets Authority conducting an investigation into current accounts and SME retail banking provision.

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