Cyber attacks can cost UK businesses up to £1m, BAE Systems says October 2, 2016 Falling foul to a cyber attack would cost one in 10 UK businesses up to £1m, according to fresh research by BAE Systems. The poll of 100 business leaders from private sectors firms with more than 1,000 employees also showed that the average cost of a cyber attack was at least £330,000. Read more: Cyber attack [...]
Thousands of online accounts feared hacked at National Lottery operator Camelot November 30, 2016 National Lottery operator Camelot thinks 26,500 accounts have been hacked. The company said it didn't think its own systems had been compromised, but that players' login details had been pinched from elsewhere. It discovered "suspicious activity" after online security monitoring on Monday. "No money has been deposited or withdrawn from affected player accounts," it said [...]
UK business doubles security spend as cyber threat grows October 5, 2016 UK businesses are doubling down on cyber security – literally – as they spend twice as much on protecting themselves in the face of growing threats. Cyber security budgets have more than doubled this year compared to last, rising to £6.2m per business, on average, as the costs of incidents rise amid ever growing threats. The cost to [...]
Yahoo hit by largest cyber attack of all time in second mega-hack December 15, 2016 More than one billion Yahoo user accounts have been hacked after the search engine revealed it had been the victim of the largest cyber attack in history. The breach is the second mammoth attack on Yahoo uncovered this year and has affected more than double the number of accounts compared with a breach revealed in September [...]
Tesco Bank fraud attack “unprecedented”, says City watchdog chief November 8, 2016 The head of the City watchdog has today called the attack which has hit thousands of Tesco Bank customers over the weekend "unprecedented and serious". Andrew Bailey was speaking in front of the influential Treasury Select Committee, where he acknowledged there was a shortage of talented tech staff within the banking sector and that the complexity of lenders' [...]
Bank of England head of future technologies: Technology can be cure, not cause, of risk October 20, 2016 Technology shouldn't be feared as being the bringer of risk to financial institutions, a key member of Bank of England staff has said today. "We recognise that new technologies can actually reduce risk," said Will Lovell, head of the future technologies division at the Bank of England, while participating in a panel at a British [...]
The UK and US governments just conducted a huge cyber terrorism drill to test the resilience of the FCA, Bank of England and Treasury November 12, 2015 The UK and US governments have conducted a huge joint exercise, along with global financial firms, to see how well we'd respond to a "cyber incident" in the finance sector. The drill involved participants including the Bank of England, the Treasury, the Cabinet Office and the Financial Conduct Authority, the chancellor said today. The exercise [...]
Charlotte Hogg resigns as Bank of England deputy governor after conflict of interest row March 14, 2017 Charlotte Hogg has resigned from her position as deputy governor of the Bank of England after a report by MPs said her competence "falls short of the very high standards required to fulfil the… responsibilities" of deputy governor of the Bank of England. In a statement today the Bank of England said it had accepted her resignation, [...]
Financial fraud still neglected by most business leaders, despite over a quarter falling victim to or being the target of a scam in the last two years October 28, 2016 Over two-thirds (69 per cent) of business leaders have done nothing to protect their business from financial fraud, research out today has found. Although Financial Fraud Action UK (FFA UK) also discovered that more than a quarter (28 per cent) of businesses had either fallen victim to or been the target of a scam over the [...]
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 [...]