Cyber crime a real threat to economy
Cyber attacks could devastate Britain’s infrastructure and economy, the National Crime Agency have warned.
They are urging more businesses to work with law enforcement agencies in a bid to reduce the growing menace.
Their report into the crisis said: “A cyber attack that poses an existential threat to one or more major UK businesses is a realistic possibility.
“The long-term impact of such an attack could include substantial loss of revenue and margin, of valuable data, and of other company assets.”
The NCA said they estimate cyber crime already costs the UK economy billions per year – and that will keep rising as businesses struggle to deal with the issue.
The report added: “In any calculation, we must consider there are millions of individual victims, thousands of corporate victims and substantial losses. “Moreover, criminal cyber capability development currently outpaces the UK’s collective response to cyber crime.
“This cyber arms race is likely to be an enduring challenge, and an effective response requires collaborative action from government, law enforcement, industry regulators and business leaders.”
The NCA added that business chiefs should “challenge” their management teams to go beyond normal cyber security standards to ensure “the threat to the UK is reduced”.
The organisation also urged businesses to report all forms of cyber crime to the authorities.
They said: “Directors also have an important role in addressing the under-reporting of cyber crime. In particular, we urge businesses to share more intelligence, both with law enforcement and with each other.”