Cyber threat facing business is 'significant and growing'

The National Crime Agency and the National Cyber Security Centre today issued a joint report which reveals the growing cyber threat facing UK businesses.

Commenting on the report Sheila Pancholi, technology risk assurance partner at RSM said:

‘Today’s annual assessment published jointly by the NCA and the NCSC underlines that the risk to business from cybercrime is significant and growing.

‘Within the last year, 65 per cent of large UK firms have detected a cyber security breach or attack and this is likely to be the tip of the iceberg.

The report details the trends which are behind the likely rise in cyber-attacks. These include the decrease in technical skills needed to carry out an attack, the increasing number of internet connected devices and the sharing of cyber-attack ‘best practice’ among criminals.

‘The relative simplicity and lack of technical expertise now required to carry out such attacks heightens the need for businesses to have a clear Cyber Strategy in place. Businesses also need plans for incident management in order to quickly identify and contain a security breach so as to minimise operational disruption, financial loss and reputation damage.

‘The report focuses specifically on the increasing threat from cyber extortion methods such as ransomware, direct denial of service (DDOS) attacks, or data extortion. The protection of data is becoming ever more important given the introduction of the new General Data Protection Regulation in Spring 2018, and businesses must ensure that data is being safeguarded through the implementation of effective controls, policies and procedures. 

Too many businesses are either ignorant of the scale of the cyber threat, or unwilling to make cyber security an organisational priority. However, today’s report should help to raise awareness of the risks and encourage businesses to work collaboratively to protect themselves from harm.’