Cyber-attacks are one of the defining security threats of our age and cyber security a growing priority for business and governments alike.
The internet’s transformation of both our personal lives and the world of commerce has created boundless opportunities for hackers with a wide range of motives and an even broader array of tools. From phishing and clickjacking to ransomware, direct-access attacks and denial of service attacks (DoS) the threats keep on evolving and emerging. It’s a game of cat and mouse as the criminals become more sophisticated and cyber security professionals try to keep up.
The stakes are high. Lloyd’s of London has warned that a major cyber-attack could wreak havoc that costs as much as £92bn to remedy – more than the repair bill for Hurricane Katrina, costliest natural disaster in UoS histry. And ‘destruction of service’ attacks could “disrupt the internet itself” and destroy businesses in one fell swoop, according to research from Cisco.
GDPR, which came into force across Europe in May 2018, raises the stakes further still. The fines for data protection breaches – including deficient cyber security protections – are 79 times higher than under the previous regime: €10 million (£7.9 million) or 2% of an organisation’s global turnover.
A government survey of the FTSE 350 has revealed 68% of board members have not been trained to deal with cyber security incidents, potentially leaving their businesses in danger.
If the ubiquity of smartphones have created even more opportunities for criminals, then the internet of things has ramped up the threat further still, with everyday household objects now connected to the internet. In 2016, some 1.5m IoT devices – mostly security cameras – were hijacked during a DDoS attack. Even our cars are becoming vulnerable.
Building systems are also increasingly network-connected too, so even buildings can be hacked. Physical security professionals need to get to grips with cyber security too – which they can do at IFSEC International 2020.
The number of cyber attacks in the UK continues to grow each year. The National Cyber Security Centre (NCSC) has defended against more than 600 cyber attacks in the past year alone.
It seems there is a rising number of attacks on small businesses, due to the preconception that they will likely place less importance on protective measures. According to research from SecureTeam, 43% of UK cyber attacks target small businesses, so there is a growing importance to put measures in place to stop these attacks from being successful. Take a look at the infographic here to find out more about the rising costs of cyber attacks on small businesses.
Overall, however, it does appear cyber security investment figures have increased. Research from Specops Software, a password management and authentication solution vendor, indicates that businesses in construction have increased their spending by around 188%, while finance and insurance firms invested the most – averages coming to £22,050.
While cyber attackers are constantly developing new methods of strategies, some common examples of cyber attack protection can include:
‘Ethical hacking’ is also a method businesses can employ. Understandably, many are nervous about the prospect of giving a third-party access to its systems, but this engagement can provide some real value. It offers opportunities to learn where the weaknesses are in your systems, the effectiveness of your security systems and the readiness of your IT team to respond, in order to better understand where your security budget should be spent and how compliant you are with industry regulations. You can find out more about ethical hacking here.
December 13, 2019
Sylvain Cortes, Security Evangelist and cyber security expert at Alsid, highlights the need for security departments to raise awareness through their organisations over cyber threats this Christmas. Read More
December 11, 2019
James Willison and Sarb Sembhi offer a closer look into why converged security will continue to be a major theme in 2020. Read More
December 9, 2019
Bridewell Consulting issues stark forewarnings for businesses as it sets out its top five predictions for developments set to impact cyber security in 2020. Read More
December 4, 2019
You may be too preoccupied with identity theft to realize that your IP address is just as vulnerable. Also referred to as Internet Protocol address, this series of numbers is not random, it represents your online identity, and it being hacked into can cause a lot of damage. Read More
November 29, 2019
Research shows that cyber security investment figures have increased in 2018 and 2019, in various sectors across the UK, compared to the previous year according to Specops Software. Read More
November 27, 2019
Many businesses and organisations aren’t sure whether ethical hacking is a good idea. Some are nervous about the prospect of giving a third-party access to systems. Read More
November 26, 2019
Here, Peter Houlis, with the support of Dr Chaditsa Poulatova, argues that cyber security is very much still an issue for the security team. Read More
November 20, 2019
Over the years, technology has grown to such an extent that it is now more embedded into our society than ever before. While that may be seen as a good thing to many people, coupled with this adoption has been a rise in the number of cyberattacks and extreme cases of hacking or data theft. Read More
November 18, 2019
In this infographic, SecureTeam explores the rising costs of cyber attacks on small businesses in the UK and offers some tips on protecting yourself from the growing risk of cyber crime. Read More
November 13, 2019
Research commissioned by Alsid says 36% of IT professionals say their organisations are more vulnerable to security threats than they were five years ago. Read More