TalkTalk CEO Dido Harding is to 'step down' from her position as Chief Exec, four months after the telecoms giant was fined for a data breach.
Sir Charles Dunstone, who created TalkTalk 15 years ago, said Harding had "helped transform TalkTalk into a much stronger business". Following the recent high-profile data breach, however, shares in the company fell by more than 20%.
Baroness Harding was in charge when the company was hacked and sensitive customer data stolen. Over 150,000 customers' data was stolen in the breach, with TalkTalk estimating the cost of the hack to be £60m. The Information Comissioner's Office (ICO) had also fined TalKTalk £400,000 following the breach, the highest fine ever meted out by the commission.
TalKTalk can think themselves lucky that the data breach took place before the highly-punitive General Data Protection Regulation (GDPR) come into force. While the £400k fine by the ICO was their largest to date, the potential fine under the GDPR could have been £70 million.
Current Managing Director Tristia Harrison will replace Harding as Chief Executive. With the company announcing that third-quarter revenues had fallen from £459m to £435m, TalkTalk's aim will be to rebuild trust in the brand which has taken a significant hit following the data breach.
65% of corporate data breaches are caused by employees’ weak password practices, with 2 out of every 3 security data breaches being credential-based. 2017 takes us ever closer to the General Data Protection Regulation, the implications of Brexit and the continued impact of high profile hacks that are leading to more CXOs than ever having to appear on television screens to apologise to customers – and shareholders.
The TalkTalk hack is a timely demonstration of the hugely damaging impact a data breach can have on organisation's reputation and shines a light on the potential consequences for senior management.
My1Login helps organisations protect themselves against data breaches, and helps CXOs avoid having it happen on their watch. If you believe it's time to take control and mitigate the risk of a data breach, then My1Login can help.
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