Increased digitalisation means an increased opportunity for cybercrime. We are so dependent now on computer technology and with mobile communications and the internet of things just around the corner, we are open to attacks in all aspects of life. Lawrence Wintermeyer, CEO of Innovate Finance, tells us that cybercrime is costing the UK £39bn per year and some £266bn globally.

Kaspersky Lab is working hard to uncover such cyber attacks, analysing some 375,000 samples a day with their security software. David Emms, senior researcher at Kaspersky, explained that most attacks are random and speculative and usually designed to obtain banking details. However, some 10% are targeted attacks or advanced persistent attacks (APT’s) aimed at organisations. The following diagram shows the growth of APT’s over the years. Recognise any of these?

Darkhotel, for example, was focused specifically on targeting executives staying in hotels to gain company information and ultimately access credentials. In fact, many attacks are directed at the human element of organisations that offer a single point of failure through which hackers can access the ‘honeypot’ of customer data and funds. Consider HSBC where every one of 300,000 individual staff have personal login details — that’s a lot of failure points.

So, what did the Cyber-Resilience Panel at Innovate Finance Week say about all of this? Find out on our blog: