Today the Home Affairs Committee published its report on e-crime, and the results didn’t make for pretty reading. The Committee Chair, Rt Hon Keith Vaz MP held no punches in his summation of the 10 month inquiry into e-crime:
“We are not winning the war on online criminal activity. We are being too complacent about these E-wars because the victims are hidden in cyberspace. The threat of a cyber attack to the UK is so serious it is marked as a higher threat than a nuclear attack.”
The committee found worrying evidence about the lack of ability to fight e-crime “At a time when fraud and e-crime is going up, the capability of the country to address it is going down,” the report concluded.
Today’s report follows last week’s joint letter from GCHQ & MI5 to FTSE350 Chairman asking them to conduct a cyber security governance assessment, known as the Cyber Governance Health Check.
Based on the 10 Steps to Cyber Security For Business plan, this initiative reflects the government’s concern about cyber vulnerabilities and its desire to make the UK the most cyber-secure place in the world to do business.
The truth about cyber attacks and e-crime is that they are growing, and the government know this. In 2011 the National Audit Office stated that UK organisations suffered 44 million cyber attacks causing between £18bn and £27bn.
GCHQ believes that 80% of these attacks could have been prevented by ‘basic security hygiene’.
The question is, are you and your business going to invest in basic security hygiene? Or are you going to wait for the inevitable attack to come?