The number of reported cyber hack incidents has surged in the past few years, indicating a growing urgency in cyber security.
This is evident from the Financial Conduct Authority’s (FCA) receipt of 98 reports of cyber incidents across all regulated firms, along with an additional 20 reports from authorized general insurers and intermediaries, and 15 reports from authorized insurance intermediaries during the financial year 2021/22.
This surge in cyber security incidents highlights the growing risk surrounding cyber security, risk which most companies seem to show indifference.
Corporate financial services companies have mature systems, services, processes and procedures to deter would be cyber security threat actors: but they still get hacked…and fined.
Imagine what would happen if they didn’t invest in cyber security, my guess is that they would cease to exist.
Not so, the small to medium sized enterprises with limited budget, they would appear as low hanging fruit to a cyber security threat hacker.
Yes, they register with the ICO and then do nothing else…great, you’ve just given the fining arm of UK Gov. your direct contact details; and of course, the cyber security threat actor the nod that you’re just ticking boxes as far as cyber security is concerned…time to reap the low hanging fruit.
Its only by determining the cyber security risk your company faces, and investing in expert services that you will make it more difficult for criminals to carry out their malicious activities against your company, so they move onto someone else.