Cyber Security Threats to UK Businesses

This report analyzes the significant impact of cyber security threats on UK businesses. Based on various articles and surveys, it highlights that a substantial portion of UK businesses experience cyber breaches annually, resulting in significant financial losses and data theft. The report examines the types of cyber threats faced, including malware, spyware, and data breaches, and discusses the inadequate response from many firms. It emphasizes the need for improved cyber security policies, increased awareness, and proactive measures to mitigate these risks. The report also touches upon government initiatives aimed at bolstering national cyber security and the challenges faced in balancing technological advancements with robust security practices. The sources used include government reports, industry studies, and expert opinions, providing a comprehensive overview of the current cyber security landscape in the UK business sector.

Foundations of
MIS & CBT

Article 1: 2/3 of the UK business is hit by cyber breach in past year
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Article 2: Cyber threats
1
Article 3: Cyber attacks cost UK business
2
Article 4: Tackling Cyber Security Threats
2
From the editor
1
Article 1: 2/3 of the
UK business is hit by
cyber breach in past
year
1
Article 2: Cyber
threats
1
Article 3: Cyber-
attacks cost UK
business
2
Article 4: Tackling
Cyber Security
Threats
2
From the editor 2
As per the survey, it has been found that out of 10, seven
firms get attacked by malware or spyware, virus. For
some of the cases it has been found that the attack to
organization has reached millions but most of the attacks
would have been prevented through government's cyber
essentials scheme. As per the research conducted by
Cyber Security Breaches Survey it has been found that
only half of the firm take initiative to take action and
address and identify vulnerabilities. Moreover, among
these few organizations 1/3 had formal written cyber
security policies. There are different set of issues that are
faced by firms due to cyber-attacks. Among which few
of them includes loss
of money, date and confidential information of
customers are stolen. Another issues occur due to
lack of information. Most of the businesses are not
aware of the negative impact of business due to
cyber-attacks further, there are also cases in which
organizations do not even realize about its impact
until serious problem relate with data, information
or loss occurs. As per the record government of
UK has planned to invest £1.9 bn to protect UK
but it can be enacted only when firms take
appropriate steps to protect themselves.
Article 1: 2/3 of the UK business is hit by cyber breach in past year (8 May 2016)
Article 2: Cyber threats (12 August 2015)
In the modern society Cyberspace lies
at the heart. It has high impact over
businesses, services and personal
lives. Apart from this, there are many
issues that are faced by organization
because of which potential loss for
fraud and money laundering runs and
this increases billions of pounds each
year. There are significant number of
crime groups that focus on hacking
the system of that is use by
organization and they try to get the
money and information. Another type
of issues that are faced by firms is
money laundering. This can be
determined as a process that present
large amount of money obtained from
criminal activity originated from
legitimate source. In order to tackle
these type of issues,
there are The National Crime Agency (NCA).
Further, there is another threat like proliferation of
weapons of mass destruction (WMD) to UK security. There
are many countries that provide programmes related to WMD
in order to make people aware related with the issues that are
associated with cyber-crime. WMD consists of chemical,
nuclear and biological weapons. Further, there are many sets
of obligations that UK has of export control regimes,
international treaties and conventions. All these issues are
caused due to cyber-attacks.
3rd November, 2016
Volume 1, Issue 1
Cyber Security Threads to
UK Businesses
Inside this issue:

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In the past year, cyber security incidents has cost UK about £34.1 bn. Among
which half is from defence. There are different type of viruses that attack the
system in which malware alone cost £7.5 bn. Moreover, issues related to loss of
data cost £6.2 bn. This information was collected in a survey conducted by
internet service provider (ISP). A study polled that in the year 2016, more than
500 UK organizations got affected due to cyber-crime. Further, a study reveals
that data theft and computer virus are the biggest security threats in the
businesses. Research was conducted with different members of organizations.
About more than fifth of the respondents said that they pay high concern for
computer viruses. On the other hand, 22% of respondents said that they do
discuss about the cyber security in their board level but not much seriousness is
shown. However, over all survey shows that 1/3 large organization are highly
concern with fear of hackers and they do take proper steps and strategies to over
them. In this context, about half of
In order to product this publication I went through different type of articles that are already made on the topic that is Cyber
Security Threads to UK Businesses. There are lot information that is present on internet and it shows that cyber-crime is
drastically increasing and it is important that people understand the seriousness and take proper steps to reduce its impact. I
when through many articles and select the most reliable and understandable one. There are some of the articles that were not
easy in language. However, I get to find out suitable article that contained detail information about the topic.
From the editor
Article 3: Cyber-attacks cost UK business (14 July 2016)
the respondents say that they have
enhanced their cyber security in order
to protect communication and
technology. 18% say that they have
taken extensive measure to combat
hackers. In addition to this, three
quarters have insurance to cover the
losses.
Article 4: Tackling Cyber Security Threats (Richard Beck, Head of Cyber Security at QA on May 23, 2016)
With advancement in technology has helped the
organization but somehow the hacker are much more
advanced. For the next five years government of UK has
planned to invest £1.9 million in order to protect from
cyber-attacks. There are different trends that are followed
in the organization among which 54% of IT people
confirms that security to data is one of the major issue for
companies. 43% say that they want to make improvement
in the security but it would bring changes in policies and
procedures. Further, four out of 10 IT decisions maker
think that they do not have proper balance among security
skills that is required in IT department. In order to solve
this issues, some of the IT peoples are changed to
operations team and this helps to play effective role in
security issues. When technology changes, it becomes
important to make to adopt them but companies fail to do
so. Technology budget gets under pressure and to solve
this, IT employees are given training so that they
understand more about cyber security and make use of
alternative way.

Online
2/3 of the UK business is hit by cyber breach in past year. 2016. [Online]. Available through:
<https://www.gov.uk/government/news/two-thirds-of-large-uk-businesses-hit-by-cyber-
breach-or-attack-in-past-year>. [Accessed on 3rd November 2016].
Cyber attacks cost UK business. 2016. [Online]. Available through:
<http://www.computerweekly.com/news/450300330/Cyber-attacks-cost-UK-business-
more-than-34bn-a-year-study-shows>. [Accessed on 3rd November 2016].
Cyber threats. 2015. [Online]. Available through: <http://www.cpni.gov.uk/threats/other-
threats/>. [Accessed on 3rd November 2016].
Tackling Cyber Security Threats. 2016. [Online]. Available through:
<http://www.informationsecuritybuzz.com/articles/tackling-cyber-security-threats-2016/>.
[Accessed on 3rd November 2016].
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