New HM Government research reveals rising cost to business & GCHQ’s Ciaran Martin warns that cybercriminals are motivated by “power, money and propaganda”

New HM Government research reveals rising cost to business & GCHQ’s Ciaran Martin warns that cybercriminals are motivated by “power, money and propaganda”

The first day of Infosecurity Europe, Europe’s largest information security event, saw the latest Cyber Security Breaches Survey, commissioned by HM Government and conducted by PwC, reveal that serious information security breaches cost a large business in excess of £1.46 million.

The 2015 edition of the annual Cyber Security Breaches Survey was reviewed on Infosecurity Europe’s Keynote Stage by PwC’s Richard Horne, Andrew Miller and Chris Potter. The research showed that 90% of large businesses and 74% of small to medium sized businesses (SMEs) had experienced an information security breach in the past twelve months. The cost to SMEs of an information security breach could, PwC’s research indicated, range from £75,000 to £310,800.

Commenting on the research, Andrew Miller, Cyber Security Director at PwC, said: “With 9 out of 10 respondents reporting a cyber breach in the past year, every organisation needs to be considering how they defend and deal with the cyber threats they face. Breaches are becoming increasingly sophisticated, often involving internal staff to amplify their effect, and the impacts we are seeing are increasingly long-lasting and costly to deal with.”

Ciaran Martin, Director General of Cyber Security, GCHQ opened Infosecurity Europe 2015 with the keynote address Cybersecurity for Tomorrow’. In his speech, Martin advised the audience that the cybercriminals targeting UK organisations were motivated by “Power, Money and Propaganda”, remarking that changes in technology were yet to change human nature.

He went on to say that GCHQ has been “genuinely surprised by the extent and variety of UK organisations subject to intrusions,” adding that organisations could tackle cybersecurity by “think[ing] about what makes you attractive as a target.” He also counselled UK organisations not to focus on “stopping attacks always and everywhere” and instead adopting an approach that involves protecting “what you care about most”.

David Jones, Head of Information Security at the BBC, and Andrew Rose, Head of Information Security at The National Air Traffic Service, discussed the importance of fostering a company culture where information security is everyone’s responsibility in ‘Establishing an Enterprise-Wide Cybersecurity Culture’.

Today also saw the first day of the Intelligent Defence: European Technical Research Conference where leading security experts from the public and private sectors presented new research papers, including Tripwire’s security researcher Craig Young, many of which focused on the increased threats posed to organisations and individuals posed by Internet of Things technology.

The new Cyber Innovation Zone was also launched, showcasing eleven of the UK’s most forward-thinking cybersecurity businesses. On Thursday, judges from C5 Capital, Elsevier, and 451 Research will award The UK’s Most Innovative Small Cyber Security Company of the Year.

Check today’s round up video here:

See you tomorrow!

Joy-Fleur Brettschneider leads Infosecurity Europe’s marketing team and is keen to ensure everyone involved with the show leaves satisfied. Joy advises how to get more stand traffic, maximise ROI, become an authority in your niche — everything you need to get the attention you deserve. A marketing professional with a slight obsession for attention to detail, Joy loves social media and technology . Strangely, she prefers business strategy books to novels.

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