Cyber crime has cost mid-size businesses more than €33 million in the UK in 2018, according to a recently-released report by financial services firm Grant Thornton. More than 500 UK businesses were surveyed as part of the study, Cyber Security: the board report.
In a move that is likely to shock corporations in Europe and beyond, the Information Commissioner’s Office (ICO) has fined British Airways (BA) just over £183 million, due to a 2018 data breach in which personal data belonging to 500,000 of its’ customers was compromised. The move marks the first large fine handed down to a company since the General Data Protection Regulation (GDPR) took effect in May of last year and, shockingly, was less than 50% of the maximum fine that the ICO could have set for BA.
In the latest major security breach to rock the business world, three major US-based antivirus companies have been hit by Russian hacker group Fxmsp. Fxmsp, who are well known in the cyber security community for previous high-profile breaches, began advertising the spoils of their latest venture on the dark web for upwards of $300,000, while providing strong evidence of their claims.
Every year, the number of phishing scams seems to be increasing, with the malware-ridden emails getting continually more sophisticated and convincing. The latest global phishing campaign purporting to be from international courier giants DHL has been tricking users into opening a fake PDF attachment – and subsequently unleashed a previously unseen piece of malware to wreak havoc on their PCs.
Earlier this week, Microsoft made the announcement that Windows 7 would finally be reaching end-of-life; meaning that from January 14th 2020, it will no longer receive free security updates from Microsoft. When Windows XP hit end-of-life in 2014, the floodgates opened for cyber criminals who could now develop malware for the operating system without fear of vulnerabilities being patched, and the same is expected to occur for Windows 7. So, with Windows 7 in use by an estimated 70% of businesses worldwide, what does this mean for them?
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