Following the news about hack attacks from China have been targeting UK firms. Graeme Newman, Chief Innovation Officer at CFC Underwriting provides an insight below on the potential devastation these attacks can cause to organisations, in particular SMEs who may be more at risk of cyber-crime of this kind.
“While one might expect nation-state actors to target large corporations for their trade secrets, few people think about the collateral damage that comes along with these events. What the recent news about China’s cyber-attacks reveals is that SMEs aren’t impervious to nation-state hack attacks. In fact, if you are a small business who deals with larger clients, you could be seen as the weakest link in the chain, giving hackers an easy way to access sensitive information about their true, more powerful targets.
Therefore, SMEs may at greater risk when facing cyber-attacks of this kind. This is reinforced by what we’ve seen as an insurer; last year, 90% of our cyber claims by volume came from businesses with less than £50m in revenue, highlighting just how vulnerable SMEs are to cyber threats. Businesses of all sizes should be investing in their overall security and training staff accordingly, otherwise they risk falling victim to incidents that could have a devastating impact on their balance sheet and reputation.”
ISBuzz Team embodies the collaborative efforts of the dedicated staff at Information Security Buzz, converging a wide range of skills and viewpoints to present a unified, engaging voice in the information security realm. This entity isn't tied to a single individual; instead, it's a dynamic embodiment of a team diligently working behind the scenes to keep you updated and secure. When you read a post from ISBuzz Team, you're receiving the most relevant and actionable insights, curated and crafted by professionals tuned in to the pulse of the cybersecurity world. ISBuzz Team - your reliable compass in the fast-evolving landscape of information security
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.