Cyber threats to global and UK businesses on the rise

Category: Service & Software

The global cyber threat environment is increasing according to the findings of a new survey.

Human error also plays a substantial role, with phishing attacks at the root of one in five successful breaches. Dimness in procedures and outdated security technology are also factors in a quarter of breaches.

Over the past 12 months: 87% of organizations have seen an increase in attack volumes; 100% of government and local authority organizations have been breached, 40% more than five times; 98% of economic services companies have reported breaches. "The average number of breaches has increased, but as threat-hunting plans start to mature, we hope to see fewer attacks making it to full breach status."

 
An additional new report has warned industries to tighten cyber security as Making Tax Digital (MTD) approaches. Digital specialist Xcina has urged accountants, in particular, to tighten security before MTD comes into force on 1 April 2019 and to flag up the risks to staff and clients.
"As much of the latest cyber breach study shows, it's employees within organizations that present the biggest susceptibility. There needs to be far more awareness, and education, around this issue as people are unaware that they could be a target, nor do they know how to respond when they are targeted."

The Institute of Chartered Accountants in England and Wales (ICAEW) has also raised concerns around cyber housekeeping following MTD. In addition, the Treasury Select Committee said: "The potential for hacking and cyber-attacks will increase and ... guidance on protecting businesses and individuals needs to be available."

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