Banking fraud is the biggest cyber crime in Britain July 21, 2016 Banking fraud is the biggest cyber crime in the UK, accounting for two in every five of the nearly six million online crime incidents recorded over the past year. There were 2.5m online crimes involving banking; and credit accounts, while one million involved other types of fraud such as online shopping, new figures reveal. There were a further two [...]
Swift’s beefing up its security after fraud troubles July 11, 2016 The global bank messaging system which was targeted in a multi-million dollar hack of the Bangladesh central bank has beefed up its cyber security in the wake of the fraudulent attack. Swift, which oversees the international transfers of major financial institutions, has called in support from specialists BAE Systems and Fox-IT to increase its ability to respond to [...]
British business lost a billion pounds to cyber crime last year June 13, 2016 The cost of cyber crime to British business came in at £1bn last year but the true price could be even higher, experts have warned. The number of online fraud crimes jumped nearly a quarter for the year to March, with 37,070 reported to the City of London's national Action Fraud reporting centre, which is the central [...]
Seven things we’ve discovered so far this year about cybersecurity June 4, 2016 Next week, technology experts will flock to West London for Infosecurity Europe – one of the largest information security exhibitions. If you're going and are worried you'll run short of water cooler conversation topics to discuss with your fellow delegates, here's seven things that have come to light about cybersecurity so far this year: Cybersecurity is [...]
Retailers lead number of cyber attack incident responses, new research has revealed May 18, 2016 The retail sector has overtaken the financial services industry in generating the most responses following a cyber security breach, fresh research has revealed. Retail now accounts for 22 per cent of all response engagements, up from 12 per cent the previous year, according to the annual Global Threat Intelligence Report. The rise has been put down to [...]
The financial sector contains all the elements to make it the perfect target for cyber crime May 15, 2016 Telecomms giant Talk Talk and affairs facilitator Ashley Madison may have made headlines when they suffered data breaches last year, but a report due out on Tuesday will warn that the financial sector is the real top target for cyber attacks. The study by Marsh and TheCityUK will explore the extent of the risk that cyber crime poses to the City [...]
UK sleepwalks into cyber crisis May 10, 2016 British businesses are still not doing enough to protect themselves from costly cyber attacks, experts have warned ahead of a major conference on cyber security tomorrow. The Public Policy Exchange is hosting the high-level summit with the aim of ensuring the police, public and private sectors, industry and government might better work together to lower [...]
More proof British business is terrible when it comes to cyber security May 8, 2016 Two thirds of businesses in Britain have been targeted by cyber attacks in the past year while a quarter have experienced a security breach at least once every month, new research reveals. But an astonishing half of firms are still not tackling the issue by identifying the risks they face via audit or risk assessments, once again highlighting how unprepared [...]
Cyber attacks on energy infrastructure: Q&A with the World Energy Council’s Christoph Frei April 17, 2016 Christoph Frei is secretary general of the World Energy Council, a London-based, UN-accredited body which brings together energy experts from across government and business. He spoke to City A.M. about the the threat of cyber attacks to energy infrastructure, as well as how businesses and governments should be combating this. Is the risk of cyber attacks to [...]
How London can turn the cyber-attack onslaught into an opportunity April 14, 2016 Whether it be the spectre of terror attack or catastrophic flood, reinsurance pools across the globe have historically been developed to handle the kind of risk judged too great for the insurance industry to bear alone. When the IRA bombed the Baltic Exchange in 1992, the scale of physical damage to buildings in the City [...]