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UK firms underestimate cyber risks

[ February 17, 2022   //   ]

A significant proportion of UK businesses deprioritised CyberSecurity amid the pandemic last year despite a rise in cyberattacks, according to a report by online security company, Kaspersky.

It said that 16% of businesses deprioritised CyberSecurity last year amid the pandemic, port closures, HGV driver shortages and other challenges associated with Brexit.

Companies across the UK and Benelux reported a 30% rise in the number of cyberattacks last year, compared to previous years.

Supply Chain CyberSecurity – Potential Threats and Rising to the Challenge  said that businesses are showing a worrying level of complacency in protecting the resilience of their supply chains. Only a third have the internal resources and knowledge to respond to a CyberSecurity incident and just 35% are certain they have taken every possible step to mitigate third-party risks in their organisation.

Mike Yarwood, managing director of loss prevention at insurer TT Club said: “We are constantly assessing the risk profile of the global supply chain and alerting the industry to our concerns, hence our support of this unique report. One should not underestimate cyber criminals. They are agile, focused and highly sophisticated, presenting a significant threat to businesses in the global supply chain. As we emerge from the COVID-19 pandemic, TT would encourage a re-evaluation of cyber risk policies and urge operators to satisfy themselves that sufficient resource is allocated to addressing this threat. Resilience in the face of cyber risk is critical.”

Kaspersky principal security researcher, David Emm added: “The pandemic, Brexit and supply chain crisis have complicated the cyber threat landscape, making it crucial that organisations take steps to defend against evolving threats under new circumstances. … Companies must ensure they only share data with reliable third parties and extend their existing security requirements to suppliers. We urge businesses large and small to scrutinise their suppliers’ credentials as part of the standard due diligence and contracting process, or risk sleepwalking into a CyberSecurity disaster.”

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