LORCA to help drive UK cyber exports

LORCA – the new London cyber security innovation centre will help to boost exports of UK cyber security expertise.

LORCA - the new London cyber security innovation centre will help to boost exports of UK cyber security expertise.

A key part of the ambition for London’s £13.5m government-funded cyber innovation centre is that it will help drive UK exports, according to Robert Hannigan, former head of GCHQ.

“We hope that companies founded and given a boost and support in going to market will also go to market overseas,” he said at the official opening of the centre – to be known as the London Office for Rapid Cybersecurity Advancement (Lorca).

“The government’s ambition is very clearly to make the UK a leader in cyber security exports, and I see massive potential out there in countries around the world that need a variety of different solutions,” said Hannigan, who will lead Lorca’s industry advisory board.

“We know we have great talent, potential and possibilities, and bringing it all together was the challenge for government and what has led to this [cyber security innovation] centre,” he said.

The centre will play an important role in bringing together the many good innovators and incubators across the UK and provide a focal point for interacting with government, said Hannigan.

Lorca will also bring together cyber security innovators with academics in the field, with various industry sectors – starting with the cyber security-leading finance sector, with other technical and non-technical disciplines, and with international partners.

“This centre has links to the US, Israel and Singapore, and convening the three most prominent cyber security industry centres in the world is going to be very powerful in magnifying the value of this centre,” said Hannigan.

Commenting further on the potential for cyber security exports, Hannigan said there is a “massive market” out there because there are many economies that are some way behind the cyber security technology front-runners that are looking for solutions.

“There is massive potential, we have got some great companies, the UK has a good reputation and we should capitalise on that because if we put all that together and get it right, we will have a booming cyber security export industry,” he said.

“There is a lot of private sector capital looking to invest in cyber. So there is no shortage of capital, it is all about finding the right vehicle, and Lorca will help with that. But there is no reason why, in the future, there shouldn’t be more initiatives along the same lines.”

For this reason, Hannigan believes there is room for many more initiatives aimed at supporting cyber security entrepreneurs.

“There is no competition between incubators and accelerators within the UK – the more the merrier,” he said, explaining that each has something different to offer, with Lorca being more industry-focused with international links, for example, and the GCHQ accelerator and innovation centre in Cheltenham being more focused on national cyber security.

The government funding for Lorca will also promote its role as a convening body for other accelerators and incubators as a “useful way of amplifying the UK’s overall cyber security offering, particularly overseas, said Hannigan.

Fifth of businesses would pay ransoms rather than in security

One fifth of UK business executives from non-IT functions would pay hackers’ ransom demands to cut costs rather than invest in information security.

One fifth of UK business executives from non-IT functions would pay hackers’ ransom demands to cut costs rather than invest in information security.

According to the latest report commissioned by NTT Security they say that businesses are still making the same mistakes, failing to make any progress in crucial areas such as cyber security awareness and preparedness

The report shows that a further 30% in the UK are not sure whether they would pay or not, suggesting that only about half are prepared to invest in security to proactively protect the business.

This means many businesses are still stuck in a reactive mindset when it comes to cyber security.

The findings are particularly concerning, the report said, given the growth in ransomware, as identified in NTT Security’s Global Threat Intelligence Report (GTIR), published in April. According to the GTIR, ransomware attacks surged by 350% in 2017, accounting for 29% of all attacks in Europre, the Middle East and Africa and 7% of malware attacks worldwide.

Levels of confidence about being vulnerable to attack also seem unrealistic, according to the report, with 41% of respondents in the UK claiming that their organisation has not been affected by a data breach.

More realistically, 10% of UK respondents expect to suffer a breach, but nearly one-third (31%) do not expect to suffer a breach at all.

More worrying, the report said, is the 22% of UK respondents who are not sure whether they have suffered a breach or not.

Given that just 4% of respondents in the UK see poor information security as the single greatest risk to their business, this is unsurprising, the report said. Only 14% regard Brexit as the single greatest business risk; the list of concerns was topped by competitors taking market share (24%) and budget cuts (18%).

When considering the impact of a breach, UK respondents are most concerned about what a data breach will do to their image, with almost three-quarters (73%) concerned about loss of customer confidence and damage to reputation (69%), which are the highest figures among the countries polled.

The estimated loss in terms of revenue is 9.72% (compared with 10.29% globally, up from 9.95% in 2017). .

The report found there is no clear consensus on who is responsible for day-to-day security, with 19% of UK respondents saying the CIO is responsible, compared with 21% who said the CEO, 18% the CISO and 17% the IT director.

A key area of concern, according to the report, is whether there are regular boardroom discussions about security, with 84% of UK respondents agreeing that preventing a security attack should be a regular item on the board’s agenda. Yet only about half (53%) admit that it is and a quarter do not know.

With a lack of cohesion at the top, organisations are still struggling to secure their most important digital assets, the report said.

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Skills shortage a major cyber security risk for small businesses

Cyber security skill shortages remain a major risk to small businesses who are still struggling to defend against cyber breaches, an new survey shows.

Cyber security skill shortages remain a major risk to small businesses who are still struggling to defend against cyber breaches, an new survey shows.

The proportion of information security professionals who feel organisations are getting worse at defending against major cyber security breaches has leapt from 9% to 18% in the past three years, the survey by not-for-profit industry body, the Institute of Information Security Professionals (IISP) has revealled.

Security industry leaders are increasingly putting emphasis on cyber resilience based on good detection and response capabilities, rather than relying mainly on defence technologies and controls.

“These results reflect the difficulty in defending against increasingly sophisticated attacks and the realisation breaches are inevitable – it’s just a case of when and not if,” said Piers Wilson, director at the IISP.

“Security teams are now putting increasing focus on systems and processes to respond to problems when they arise, as well as learning from the experiences of others.”

When it comes to investment, the survey suggests that for many organisations, the threats are outstripping budgets in terms of growth. The number of businesses reporting increased budgets dropped from 70% to 64% and businesses with falling budgets increased from 7% up to 12%.

According to the IISP, economic pressures and uncertainty in the UK market are likely to be restraining factors on security budgets, while the demands of the General Data Protection Regulation (GDPR) and other regulations such as Payment Services Directive (PSD2) and Networks and Information Systems Directive (NISD) are undoubtedly putting more pressure on limited resources.

The survey report highlights the problem of skills shortages with the proportion of respondents reporting a dearth of skills as a challenge growing to 18%, up from just 8% in 2015.

While acting as a potential brake on capability, the skills shortage is also driving job prospects year-on-year, reflected in a growth of respondents in all the higher salary bands and in those reporting good job and career prospects.

“This year’s survey further highlights the continued need for industry, government, academia and professional bodies like the IISP to continue to work to resolve these shortages in skills across all levels and disciplines,” said Amanda Finch, general manager at the IISP.

“We have seen AI and machine learning used in defensive security systems for some time and this is now starting to become part of a wider automation approach,” said Wilson. “But like the IoT, AI can also be exploited by cyber criminals, so we need to have the people and technologies to respond and mitigate these emerging risks.”

The IISP represents more than 8,000 individuals across private and government sectors, 41 corporate member organisations and 22 academic partners.

As well as surveying its members, the IISP opened the survey up to non-member security professionals, representing a wide range of ages, experience and industry sectors.

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Poor data handling is effecting business sales

The failure to protect customer data is creating sales problems for businesses.

The failure to protect customer data is creating sales problems for businesses.

According to a survey by security firm RSA some 90% of respondents said they were concerned about their personal data being lost, manipulated or stolen.

Monetary theft (74%), identity theft (70%) and having embarrassing or sensitive information made public (45%) were the biggest data security concerns. More than a third (36%) also fear being blackmailed with stolen private images or messages.

Some 84% of UK respondents and 81% of Italians listed security information as a concern, both higher than the global average, while German respondents expressed the most concern about genetic data, US respondent were the most concerned about location data.

As a result, 78% said they try to limit the amount of personal information they share and 49% have falsified information online in an attempt to protect themselves,

More importantly from a business point of view, 62% of consumers said they would blame the company involved above anyone else, even the hacker had exposed their personal data.

With 78% saying a company’s reputation relating to its handling of customer data made an impact on their buying decisions.

In fact, an average of 69% said they have or would boycott a company that showed a lack of regard for protecting customer data, with 82% of UK respondents saying they do so.

Some 60% of all respondents said if they hear that a company has been selling or misusing data without consent they will avoid handing data over to them, and 58% said if they know a company has been mishandling data they are less likely to buy services from them.

RSA said “With more than half (54%) of respondents less likely to buy from a company they know has been mishandling data, and 62% inclined to blame the company above anyone else if data is lost, it’s clear consumers are ready to vote with their feet against organisations that fall short of their expectations.”

“The financial and reputational damage of a data breach in 2018 could be devastating.”

The research further underlines the business benefit of ensuring customers’ data and privacy is protected. More than half (53%) of respondents said they were more likely to shop with a company that could prove it takes data protection seriously.

Consumers clearly understand the value of their personal data and, while there may rightly be occasions for caution, they are willing to part with it under the right circumstances.

After the compliance deadline for the European Union’s (EU’s) GDPR on 25 May 2018, RSA Security predicts that organisational privacy and data protection failings will become even more transparent because businesses will be forced to disclose any breach of the regulation.

Under this microscope, the security firm recommends that organisations must think of the wider business impact of privacy and data protection, while also understanding how to work within the GDPR to their advantage.

The research report points out that the GDPR will affect all companies that handle EU citizens’ data, including US cloud providers and businesses in post-Brexit Britain.

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