UK cyber attacks costs economy billions – and so do corrupt politicians

RINF EDITOR’S NOTE: What’s next to blame for the state of the British economy? Yesterday it was societies most vulnerable, and today it’s hackers. It seems the government are pointing the finger at everyone and everything apart from the actual cause – dodgy politicians and criminal bankers.

(RT) – Nine in 10 large UK firms have fallen prey to cyber-attacks, costing the British economy billions of pounds, new figures suggest. These “chronic” cyber threats stem from hostile nations, terror outfits and hacktivists, a leading cyber-security chief says.

Incidences of hackers attempting to steal confidential data
across the UK are rising steadily, government-commissioned
research (RINF Note: Bloody big red flag right there) released Tuesday suggests.


The study, titled “Information Security Breaches,” was
conducted by auditing firm PricewaterhouseCoopers (PwC).

It estimates the average cost of the most serious security
breaches to large firms has increased dramatically in the past
year, and could now be as high as £3.1 million per firm on

Smaller businesses could pay up to £311,000 annually to stave off
serious cyber threats, it adds.

Such costs would be required to cover disruption to business,
eroded sales, fines, compensation and asset recovery, PwC said.

Ed Vaizey, Britain’s Digital Economy Minister, said the UK is an
“attractive target” for cyber-attacks and the related
financial costs are soaring.

“The UK’s digital economy is strong and growing, which is why
British businesses remain an attractive target for
he said.

“Businesses that take this threat seriously are not only
protecting themselves and their customers’ data but securing a
competitive advantage.”

PwC’s report suggests while security on regular computer systems
is being dealt with, firms’ increasing reliance on tablets and
smartphones could leave them vulnerable to attack.

The number of companies that reported security breaches via such
devices increased more than twofold in 2015, it said.

The research also indicates human error is another factor, which
increases firms’ vulnerability to attack.

PwC cyber security director Andrew Miller said security breaches
are becoming increasingly costly.

“Breaches are becoming increasingly sophisticated, often
involving internal staff to amplify their effect, and the impacts
we are seeing are increasingly long-lasting and costly to deal
he said.

PwC’s research was unveiled at Britain’s Infosecurity conference
on Tuesday.

Speaking at the event, GCHQ’s director general of cyber security,
Ciaran Martin, said it is impossible to construct a “cyber
security umbrella”
over the nation.

He said the cyber threats UK firms and organizations face
“show little sign of abating,” and generally stem from
hostile states, terror groups and hacktivists.

Martin said he was
“genuinely surprised” by the broad range of
organizations targeted by cyber criminals.

This piece was reprinted by RINF Alternative News with permission or license.