‘Fake news’ attacks part of cyber crime threat

● Report warns firms ‘not immune’, with damage to reputation possible

Businesses are at growing risk of “fake news” attacks via social media, according to a report on cyber crime.

A joint study by the National Cyber Security Centre (NCSC), part of GCHQ, and the National Crime Agency (NCA) warns criminals are launching more online attacks than ever before.

The report identified the spreading of so-called fake news – particularly the dissemination of slurs using social media – as an increasing threat, and said businesses are “not immune” to attacks previously identified as a risk to the electoral process.

The term “fake news”, variously used to describe propaganda or disinformation, came to prominence during the 2016 US election campaign.

The report said: “Whilst

0 Businesses are being warned they could be the target of cyber attacks such as ‘cryptojacking’ most of the press coverage over the past 18 months has focussed on the effect of fake news stories on the electoral process in several countries, businesses are not immune.

“The unregulated nature of social media presents opportunities for those looking to cause reputational damage to a business. The spreading of fake news cannot only damage a company’s reputation but can affect the share price or sales. In extreme cases, smaller businesses could be forced to close.”

The report highlighted a case involving six Indian restaurants which were targeted by fake news stories. One restaurant had to reduce staff hours and saw its revenue fall by half after the fake story was picked up and spread via social networking sites.

The report identified a range of other emerging threats including theft from cloud storage and “cryptojacking”, in which computers are hijacked to create crypto currencies such as bitcoin.

It also said UK firms are under increasing threat from ransomware, data breaches and supply chain weaknesses which can mean serious financial and reputational damage.

Ciaran Martin, chief executive of the NCSC, said: “We are fortunate to be able to draw on the cyber crime fighting expertise of our law enforcement colleagues in the National Crime Agency.

“This joint report brings together the combined expertise of the NCA and the NCSC. The key to better cyber security is understanding the problem and taking practical steps to reduce risk.”

Donald Toon, director of the NCA’S Prosperity Command, said: “UK business faces a cyber threat which is growing in scale and complexity.

“Organisations which don’t take cyber security extremely seriously in the next year are risking serious financial and reputational consequences.”