I attended the Addleshaw Goddard Fraud Breakfast Briefing today, which focussed on cyber crime and information security. Each of the speakers, and particularly Bob Anderson of Navigant, was very convincing regarding the increasing threat of cyber crime to personal and corporate interests.
A number of damaging and costly examples of data breaches were mentioned, including Sony, Talk Talk, Target and Morrisons. The panel was entirely agreed that cyber fraudsters, criminal organisations, hactivists and insider threats will always be several steps ahead, with significant resources available to them, and without regard for the law or regulatory rules.
There are certainly steps that individuals and companies can take to pre-empt or mitigate the risks and the fall out. There is little they can do to actively fight against cyber criminals. It will be interesting to see what effect these extra resources pledged by the government will have.
Philip Hammond will use a speech on Tuesday to unveil a £1.9bn package designed to boost Britain’s defences against a growing online threat, which he will say is invading personal privacy and putting national security at risk.