Stolen in the UK
The amount of money stolen by fraudsters and cybercriminals in the UK saw a huge increase in 2022 to over £4 billion. The threat to UK businesses has never been greater, more sophisticated or more wide spread.
The NCSC assesses the cyber threat to the UK as a result of the Russia Ukraine conflict remains heightened and organisations are urged to consult the new guidance to prepare for longer-term resilience.
Breaches & Attacks
59% of Medium Firms and 48% of Small Firms reported cyber attacks in last 12m (Department for Digital, Culture, Media & Sport July 2022).
Cyber Security Capability
Many UK organisations do not have a sufficient in-house cyber security capability to protect the organisation from threats. The cyber security landscape is also increasingly complex to navigate and maintain up to date cyber security threat intelligence. The result is a leadership team without an adequate understanding of the cyber security risk to which their organisation is exposed.
Improving Cyber Security
Our approach to helping our clients with their cyber security capability is to quickly identify their current capabilities and determine what high priority cyber security risks can be rapidly mitigated within budget and how best to implement those mitigations. Improving the resilience of cyber security is more evolution than revolution, however small improvements can be stacked to yield disproportionate risk mitigation.
Sophisticated cyber criminals (including State Actors) are leveraging integrated tools and capabilities with artificial intelligence and machine learning. The scope of the threat is growing, and no organisation is immune.
Increased hybrid Working
Covid has greatly changed accelerated the move to hybrid working. Ever on the look out to exploit organisations, cyber criminals have modified their tactics to exploit weaknesses in remote IT security arrangements.
Greater use of Cloud Platforms
The rise of the hybrid workplace and the need to switch to digital business models has increased cloud adoptions. Securing cloud environments is critical.
The IoT ecosystem is rapidly expanding from jet engines to the watch on your wrist. With ever increasing connectivity comes the increased security vulnerabilities which can be exploited by attackers if not properly secured.
Increased Regulation & Compliance
Outsourced IT providers will be brought into scope of cyber regulations to strengthen UK supply chains.Network and Information Systems (NIS) Regulations will be strengthened to protect essential and digital services against increasingly sophisticated and frequent cyber attacks both now and in the future.
new Vulnerability disclosures in 2022
Attackers can take advantage of unpatched vulnerabilities using a multitude of attack tactics, including Ransomware. Cyber Security Teams should leverage Threat Intelligence to identify and swiftly remediate vulnerabilities that are being actively exploited.
UK Business Reporting cyber attacks in 2022
One in five of these attacks was sophisticated, such as DDoS, Malware or Ransomware and many where associated with a negative outcome (loss of money, access to data, disruption to websites, system corruptions and reputation damage).
Phishing emails sent each day
Most cyber attacks use social engineering techniques to gain access to business networks. A multi-layered mitigation approach to address phishing attacks is the most effective. This is especially important given the increasing sophistication of attacks.
estimated World-wide cost of cyber crime in 2023
The World Economic Forum has released their Global Risk Report 2022, which states that cyber security measures in place by businesses, governments and individuals is increasingly being rendered obsolete by the growing sophistication of cyber criminals.
european CYBER SECURITY EXPERTISE SHORTFALL
The Global Information Workforce Study in 2022, estimated that there is a shortfall of cyber security experts in Europe. An ever evolving cyber security ecosystem and threat landscape adds to these challenges.
Improving your cyber security #1
What's Most Important
Linking your most important business assets to the associated IT enablers, will help identify which datasets are the most important to protect. Make a list of all equipment, software, and data you use, including laptops, smartphones, tablets, and point-of-sale devices. The policies, procedures, and processes to manage the organisations regulatory, legal, risk, environmental, and operational requirements are understood and inform cybersecurity risk. The organisation understands the cybersecurity risk to operations.
Improving your cyber security #2
What are the Threats
Threat intelligence feeds into a Threat Intelligence Platform that will help an organisation understand the specific threats to their most important assets, including indicators of compromise. It is a realtime "threat radar", somewhat similar to AV signature updates in informing cyber security defences. Don't underestimate the value of triaging qualitative intelligence (whitepapers, reports, news articles) - ensuring that analysts have time to read and digest intel reports will lead to better understanding and better use-cases.
IMPROVING YOUR CYBER SECURITY #3
How do we Protect Them
At the highest level this means controlling network access and device use, using security software to protect data, encrypting sensitive data, at rest and in transit, managing protective technology to ensure the security and resilience of systems and assets are consistent with organisational policies, procedures, and agreements and regularly training staff on their critical role in maintaining cyber security for the organisation.
IMPROVING YOUR CYBER SECURITY #4
Detection, Response & Recovery
Maintaining the capability to detect, respond and recover from cyber security incidents is critical, since cyber protection will reduce, not eliminate the likelihood of a successful attack. With so many new attack vectors, increasing attack service and rapidly evolving malware tools, it's simply not possible for protection alone to keep your business safe.
For many SME's maintaining an in-house multi-tiered cyber security operation is not possible. Some of the obstacles include, limited budget, resources bandwidth, competing priorities and the complexity/learning curve associated with cyber security defences. In addition, cyber security is constantly evolving and its ecosystem of tools, guidance, standards, compliance requirements are rising along with your customer's cyber security requirements.
IMPROVING YOUR CYBER SECURITY #5
A Hole in UK Cyber Resilience
There's no denying that cyber security is a major challenge for the majority of UK businesses. There's no shortage of advice, guidance, tips and frameworks and these are being perpetually updated. The problem is that most SMBs (<250 employees) do not have the budget or resources to effectively ingest and act upon all the good advice and adequately protect their business.
Considering that there are 5.5 million SME businesses in the UK, which account for three-fifths of employment and around half of the turnover in the UK private sector, that's a pretty big problem. Rather than attempt to reinvent the wheel, businesses are increasingly turning to outside help, citing access to greater expertise, resources, and standard for cyber security.
We can help
Regardless of your current cyber security posture, size of business and risk tolerance, we can help. We can guide you through the cyber security ecosystem, enhance your cyber security resilience and assist with compliance, customer and regulatory cyber security requirements.
Our consultants have worked globally across the breadth of business sectors, including defence and government bodies. We have experience delivering projects aligned with NIST, Cyber Essentials +, ITAR, Export Control, GDPR and in highly regulated industries.
cyber crime is indiscriminate and no company is immune
The UK is now in a sustained heightened state of cyber threat following Russia’s invasion of Ukraine, the NCSC is calling on UK organisations to strengthen their online defences. The National Crime agency has identified 149 British victims of ransomware strains known as Conti and Ryuk. The ransomware was responsible for extorting at least an estimated £27m.
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