The dramatic rise in fraud and cybercrime is showing no signs of slowing down. Although the true annual cost of fraud to the UK economy is difficult to quantify, recent surveys have estimated it to be around £190bn, with private sector losses making up around 70% of that figure.
UNW, Barclays Bank, TSG and Sophos (IT security) are pleased to invite you to join us for breakfast as we explore how you can stay safe online, minimise financial loss and business disruption, and increasingly important - stay out of the press, particularly as the cybercriminals’ tricks and methods become more sophisticated.
Andrew Dixon, Digital Channel Manager at Barclays, will present real-life examples of businesses that have become victim to fraud. You'll also hear from our Chief Technology Officer Paul Burns and security software provider Sophos, who will explore the benefits of building and maintaining solid cybersecurity foundations.
What is cyber security?
Cybersecurity comprises of technologies and processes designed to protect your business data from cyber-attacks. If your cyber security is well-planned and effective, it’ll reduce the risk of cyber-attacks you and your employees could face.
In the UK one of the most serious cyber-attacks took place in May 2016, when WannaCry Ransomware hit the NHS and businesses of all sizes across the globe. The attack was classed as a category 2 incident as there was no risk to life, however, if it had taken down the NHS this could have been very different. The Head of the National Cyber Security Centre said, “another major cyber-attack in the UK is a case of when, not if.”
What are the consequences of a cyber-attack?
They will disrupt and cause financial and reputational damage to your business. An example would be the 2017 Petya attack on global shipping company Maersk. Whilst Maersk stresses that the business hasn’t lost customers because of this cyber-attack – which is unlikely due to the reputational damage associated with data breaches – it has estimated revenue losses of £234 million from its two weeks of downtime. Research into high-profile data breaches, unanimously showed that businesses suffer an immediate drop in customer sentiment. TalkTalk lost over 100,000 customers following its data breach, indicating the loss of trust for thousands of customers.
A cyber-attack can cost a UK business upwards of £850,000 and according to new research cybersecurity breaches overall cost British businesses £29.1bn in 2016, after an estimated 2.9m firms became victims of cybercrime.
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