- FRAUD TOPS A BILLION POUNDS AS CYBER CRIME SOARS
- Cyber Crime on the increase in 2017
- Majority of CIOs Believe They are Losing the Battle Against Cybercrime
FRAUD TOPS A BILLION POUNDS AS CYBER CRIME SOARS
Accountants KPMG reported the 55 per cent year-on-year rise and issued a warning about large-scale cyber scams
It was the first time the value of fraud going through the court system had topped Â£1bn since 2011
The value of fraud committed in the UK last year rose to a record value of £1.1 billion on the back of a huge increase in cyber crime.
Accountants KPMG reported the 55 per cent year-on-year rise and issued a warning about large-scale cyber scams.
Hitesh Patel, UK forensic partner at KPMG, said: “The figures for 2016 tell us two things.
“Firstly, that we can expect more of these super frauds as challenging economic circumstances place pressures on businesses and individuals and as technology becomes more sophisticated.
“Secondly, that this is going to put even more strain on law enforcement agencies who don’t have the resources to investigate every report of fraud that they receive: getting the large, often cross-border and complex frauds to court is extremely time consuming and resource intensive.
“This places much more emphasis on businesses and consumers to protect themselves from fraudsters who will take advantage given the opportunity.”
The UK head of tech at KPMG yesterday welcomed the Government’s focus on technology as part of a £556 million investment into the North’s industrial future.
KMPG reported that seven ‘super cases’, with a value of £50m or over, contributed £900m to the overall figure. The number of individual instances of fraud was lower than the year before.
One ‘super case’ was a £113m cold-calling scam targeting Royal Bank of Scotland customers for which Feezan Hameed was handed an 11-year jail sentence in September.
Patel continued: “Through the rapid rise of technology and online platforms, more people than ever are being targeted by fraudsters who have unrestricted access to a larger pool of victims.
“However, we are also seeing the internet being used by consumers who are being tempted to obtain goods and services that they have, or perhaps should have, a fair idea are not legitimate.”
TechUK recently launched a set of high level principles designed to help build public confidence in the Internet of Things after a number of high-profile incidents saw IoT devices and sensors compromised by cyber criminals.
Cyber Crime on the increase in 2017
by Haydon Kirby
Did you know that British businesses were subjected to almost 230k cyber attacks during 2016?
Businesses face large fines for cyber security breaches
In November last year, the average volume of attacks hitting individual company firewalls passed the 1,000 per day mark for the first time in history. More importantly, the Payment Card Industry Security Standards Council implies that UK businesses could face up to £122 billion in fines for cyber security breaches in 2018, and £52 billion of that will be imposed on SMEs.
Do cyber attacks only happen to large businesses?
However, many SMEs still believe that only larger businesses fall victim to cyber crime but this really isn’t the case. Larger businesses often invest in a much higher level of prevention including ISO 27001, Cyber Essentials Plus, complex firewalls such as Intercept X from Sophos or similar, and seek professional consultants to perform penetration audits. Where as typical SMEs have basic protection in place such as anti-virus and firewalls and don’t adopt high levels of protection until a real security threat is identified.
How are businesses targeted by cyber criminals?
Cyber attacks come in a variety of formats, from fake invoices to excel documents containing ransomware and or attachments containing viruses.
Malware attacks from the likes of Zepto, Locky and RAA Ransomware cost businesses millions last year and several SMEs that were targeted contacted us to help decrypt their business data held at ransom.
According to the insurer RSA, despite an onset of high-profile cyber attacks last year, which included Yahoo, Tesco Bank, TalkTalk and Camelot, businesses are still not protecting themselves sufficiently.
Recently, The Federation of Small Businesses welcomed the launch of the Government’s National Cyber Security Strategy as well as the affordable Government backed Cyber Essentials Scheme which helps UK businesses protect themselves against common cyber attacks. This scheme is perfect for SMEs looking to get a basic grip of Cyber Security.
Source: Infinity Group
Majority of CIOs Believe They are Losing the Battle Against Cybercrime
Bromium®, Inc., the pioneer and leader in virtualization-based enterprise security that stops advanced malware attacks, today announced the results of an independent survey on the current state of cybersecurity. The study, carried out by Vanson Bourne, surveyed 400 CIOs from large enterprises in the US, the UK and Germany, with most respondents claiming that the industry is losing the battle against cybercriminals.
Key results from the survey included:
- 60% of CIOs surveyed feel they are losing the battle against cybercrime
- 85% say that end users — human beings — are the weakest link in security, ignoring or forgetting the education, policies and procedures enterprises have put in place to prevent risky behavior
- 68% believe that because attackers have become more sophisticated, endpoint security tools are less effective
“It’s no wonder so many CIOs feel they are on the losing side of the battle against cybercrime; the detect-to-protect approach is the moral equivalent of sending SOC teams into a gun fight with a knife,” explains Gregory Webb, Bromium CEO. “We need to accept that it’s unfair and futile to put the onus on users to defend the enterprise; prohibition is not the way. HR needs to be able to open attachments, a marketer needs to look at social media without having to worry; it is simply impractical to lock people down or expect them to be the last line of defense.”
Announced today, Bromium Secure Platform addresses these issues head on. Instead of expecting end users to take responsibility for security by being concerned about opening suspicious emails or attached files, Bromium returns innovation to business, because online behavior no longer has to be controlled. “Even when someone clicks on a malicious email with a Microsoft Office document attached, I let out a big sigh of relief because I know the PC is safe with Bromium installed,” reports Tyler Timek, IT Security Specialist, Masonicare Corporation (TechValidate study). Users can work free from interruption or fear of creating a security incident. This reduces the friction between IT and users, increases user productivity and reduces helpdesk calls.
Bromium Secure Platform turns the tide in the war on cybercrime by removing the risk for users, allowing companies to focus on strategic defense initiatives instead of constantly responding to alerts. Using easy-to-deploy CPU-enforced micro-virtualization, which sits on endpoint devices, users are able to click and download to their hearts’ content because every task is completed in a disposable, isolated micro-VM (Virtual Machine). Bromium’s unique virtualization-based security technology offers a complete departure from traditional detect-to-protect solutions, without disrupting user experience or machine performance
Source: Finance Yahoo
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