According to a report released last week the cost of cyber crime reaches a total of a staggering £27 billion. The report, carried out by the Cabinet Office and Detica, the cyber division of BAE Systems, led to the conclusion that the Government now considers cybercrime as one of the four main threats to national security, with the other three being terrorist attack, natural disasters and attack by foreign power.
The industrial sector most affected by cybercrime is pharmaceuticals, costing £18 billion last year alone. The next most vulnerable were software and electronics companies.
Many businesses make the assumption that a firewall or basic anti-virus software is sufficient protection, however this is not the case. To reverse this line of thought, the Cabinet Office is expected to imminently release its latest strategy on cybercrime, informing companies to upgrade their protection and outline details of how government and industry can work side-by-side to reduce the threat.
“Intellectual property theft is just like someone going through your safe. Except that you don’t know it’s happened.” Tom Burton, Detica.
However, recent reports show that there is a serious disconnect is how people view the threat posed by cybercrime, with companies not doing enough to protect themselves. . Despite 74% of people claiming they are aware of cybercrime, 41% of those do not have an up-to-date security software package.
Also in the press this week, a Senator in the United States has released details of a new legislation entitled the ‘Personal Data Protection and Breach Accountability Act of 2011’ which will protect individuals personal information from data theft and additionally penalize companies that do not secure their customers information sufficiently.
The bill holds that any business with over 10,000 customers complies with ‘appropriate minimum security plans’ and failure to meet such standards will result in a fine. Of course from a moral perspective, companies should already be doing everything then can to protect their customers and employees data, but if such a law were introduced in the UK are you confident your company is doing all it can to protect itself?
Get in contact with Metadigm today to talk to one of our expert engineers and find out whether your company is taking the precautions it should be.