Cyber attacks are a persistent threat to businesses and charities. According to the UK’s Department for Digital, Culture, Media and Sport’s 2019 Cyber Security Breaches Survey, for example, around a third (32%) of businesses and two in ten charities (22%) reported having cyber security breaches or attacks in the last 12 months. As in previous years, this is much higher specifically among medium businesses (60%), large businesses (61%) and high-income charities. (52%).

In our experience, among those facing breaches or attacks, the most frequent causes of loss relate to the following:

  • Phishing – the fraudulent attempt to obtain sensitive information such as usernames, passwords and credit card details where the cyber criminal disguises themselves as a trustworthy entity in an electronic communication. Here Office 365 logs and Ryuk malware represent the biggest rise within Phishing notifications
  • Data Breach – when a cyber criminal successfully infiltrates a data source and extracts sensitive information. This can be done either physically, by accessing a computer or network to steal local files where the disclosure is often inadvertent, or by bypassing a network’s security remotely
  • Business Interruption / System Failure – where an organisation is forced to close for a period of time as a result of a cyber attack, or where certain systems can no longer function properly as a result of cyber crime

Most notifications by Industry Sector 2018/9

  • Healthcare
  • Financial Institutions
  • Education

Highest Average Cost by Industry Sector 2018/9

  • Hospitality
  • Financial Institutions
  • Retail

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