Cyber threat to United Kingdom firms "greater than ever before", warns report

Cyber threat to United Kingdom firms

Cyber threat to United Kingdom firms "greater than ever before", warns report

Any startups taking a place in the cyber innovation centre will work closely with numerous companies already developing innovative solutions to security challenges and it'll be funded by the Department for Digital, Culture, Media and Sport as part of the department's drive to fight cyber crime in the UK.

The report highlights the growing threat to United Kingdom businesses and details some of the biggest cyber attacks from the last 12 months.

The practice of "Cryptojacking", where hackers illegally use a computer's processing power to mine cryptocurrency, was also named as an emerging cyber security threat.

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Firms that "prioritise cyber security" and "work closely with government and law enforcement" are more likely to be effective at stopping cyber criminals in their tracks, said the report.

According to the NCSC and National Crime Agency, basic cyber security protections are "no longer enough" to fight off increasingly sophisticated attacks. "Despite these very real threats to the nation's security, I am confident in the UK's ability to combat the attacks that we face every day", said Ciaran Martin, chief executive officer at the NCSC. Donald Toon, director of the NCA's Prosperity Command, said: "Organisations which don't take cyber security extremely seriously in the next year are risking serious financial and reputational consequences". By increasing collaboration between law enforcement, government and industry we will make sure the United Kingdom is a safe place to do business and hostile zone for cyber criminals.

To download the report visit https://www.ncsc.gov.uk/cyberthreat.

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A new cyber innovation centre is being developed at the Queen Elizabeth Olympic Park, bringing together some of the most technological minds in the country to drive growth in the cyber security sector. The NCSC warns that under-reporting of cyber crime by businesses means crucial evidence and intelligence about cyber threats and offenders is lost.

In particular, the report singled out websites which mined cryptocurrencies without users' permission, noting that 55 percent of businesses worldwide suffered from cryptomining attacks last December. Organisations need to make sure they have a proactive strategy in place, moving from defensive strategies to offensive; from detection to prevention. "Approaches like this can help organisations to become as agile and as fast as the cybercriminals we are fighting against".

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