Businesses are exposed and criminals are profitingby Prospect Team / September 1, 2019 / Leave a comment
“Transformative technology… is changing all our lives and societies for the better,” said Paul Chichester, Director of Operations at the new National Cyber Security Centre, in remarks to the editors of this report. The problem is it “has also brought new vulnerabilities.”
The data below makes clear just how extensive those are. The threat can no longer be ignored. So where do the vulnerabilities lie?
One thing that’s clear is that businesses of all shapes and sizes are at risk. Sixty-one per cent of large firms experienced a breach over the past year and with serious financial consequences. Smaller firms and charities were also frequently targeted, many of them less well-equipped to cope. This is why cyber insurance is increasingly important and the statistics in our chart on the opposite page reflect that.
Of course it is not just businesses that are exposed; the 2017 WannaCry attack on the NHS is thought to have disrupted some 19,000 appointments. It caused widespread confusion and panic, along with millions of pounds’ worth of damage.
The precise intent then was ambiguous; sometimes the mission is straightforward financial gain. The cybercrime economy is now worth an astronomical $1.5 trillion—and as the internet dominates more and more areas of our lives, that figure will only rise. Unless, that is, governments, businesses and cyber experts work together to get a grip on the problem—fast.
This piece features in Prospect’s new cyber resilience supplement