Peter Cooper, group information security manager, said that while the retailer was taking steps to protect itself it was also considering taking out specialist insurance cover to guard against catastrophic risk due to cyber-crime.  “The corporate risk people manage properties, they have got alarms and patrols, but they still insure against catastrophic risk.”

Cooper said that the head of corporate risk for Woolworths had requested a quote be sought for insurance to protect the company from catastrophic online brand damage.

He added that while tackling e-crime was once something corralled by corporations as an IT security issue, to be dealt with solely by the IT department, it “was moving more into the business area, and there is more understanding of this as a part of brand protection.”

Cooper, speaking at the 2009 eCrime Symposium in Sydney, said that Woolworths, which employees more than 180,000 people had provided guidance to staff about using social networks, including their private use of such networks.

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