Cyber crime is finally set to become the UK’s most common crime type, following inclusion in the latest crime figures from the Office for National Statistics (ONS).
This re-classification comes only days after news headlines emerged that an Eastern European crime group successfully used ‘Dridex’ malware to steal over £20m from UK bank accounts via thousands of infected PCs in the UK.
Cyber criminals are increasingly mounting more organised attacks on businesses, small and large – last year even U.S banking giant J.P Morgan suffered unfortunate press and a sudden plunge in its share price when digital thieves stole the personal information and contact details of more than 76 million customers.
The 2015 National Strategic Assessment from the National Crime Agency estimates that losses due to cyber crime in the UK now amount to a staggering £16 billion annually. The NCA also asserted that the theft of large amounts of private companies’ data still faces ‘considerable under reporting.’
Nowhere is this more threatening than for those in the financial services industry, where both reputations for reliability and access to funds make IT security of paramount importance, requiring compliance with the strictest procedures for identity validation, network safety and fraud detection.
All businesses need to be prepared for the future, where cyber crime is likely to become more sophisticated and UK companies may be expected to demonstrate greater data protection measures. This week Microsoft promoted it’s Financial Services Compliance program in connection with Office 365 – making assurances (aimed squarely at businesses in the financial sector) of direct access to staff and resources to ensure that Microsoft Office cloud services comply with financial security regulations.
Greater awareness of cyber crime amongst Government figures, the media and the public can only be a good thing, but ultimately it still remains very much up to the individual to ensure their IT systems are secure – before the worst happens.
More than 70% of businesses fail after significant data loss. Lineal can install a range of security measures to safeguard your business IT systems and data – enquire today via: http://www.lineal.co.uk/contact/