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Cyber Threat to UK Businesses Greater than Ever

Cyber Threat to UK Businesses Greater than Ever

Cyber criminals are carrying out more attacks on UK businesses than ever before, according to the latest joint Cyber Threat Report.

Publication of the Cyber Threat to the UK Business Industry 2017-2018 report coincides with the start of the three-day CyberUK2018 conference in Manchester that is to be attended by more than 2,200 specialists from across government, industry and law enforcement.

The report details some of the biggest cyber-attacks from the past year and notes that risks to UK businesses continue to grow in terms of financial loss, reputational damage and even physical harm, as was seen in the WannaCry attack that affected the NHS.

Emerging threats are also highlighted such as theft from cloud storage and the hijacking of computers for illicit cryptocurrency generation. This, is in addition to the fact that supply-chain compromises of managed service providers and legitimate software such as MeDoc and CCleaner, has provided adversaries with a potential stepping stone into the networks of thousands of companies.

The report said: “It is clear that even if an organisation has excellent cybersecurity, there can be no guarantee that the same standards are applied by contractors and third-party suppliers in the supply chain,”

The report states that a basic cybersecurity posture is no longer enough but most attacks will be defeated by organisations that prioritise cybersecurity and work closely with government and law enforcement.

According to Ciaran Martin, Chief Executive of the NCSC, the key to better cybersecurity is understanding the problem and taking practical steps to reduce risk.

He said: “This report sets out to explain what terms like ‘cryptojacking’ and ‘ransomware’ really mean for businesses and citizens, and using case studies it shows what can happen when the right protections aren’t in place.” 

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