This article by Francesca Titus, Chloe S. Steele and Alice O'Donovan is an interesting read all about the increased risks and the advice being given to businesses in order to allow them to protect themselves.
The data certainly does make for worrying reading. I’ve pulled out a few snippets for you published in a recent paper from the think tank, The Royal United Services Institute (RUSI):
- Fraud has reached epidemic levels in the UK and should be seen as a national security issue;
- It is the crime to which UK citizens are most likely to fall victim;
- Its impact on the private sector has consequences for both the stability of individual companies and the broader reputation of the UK as a place to do business;
85% of reported fraud in 2019/2020 was cyber enabled fraud.
Ultimately this is something we see daily here at A&M. We see this from a prevention point of view, for instance, through cyber resilience work, fraud risk management workshops and simulating issues – be it fraud or cyber. But also, from an investigation element; where the combination of intelligence and evidence garnered from documents, people and digital sources needs to be analysed, interpreted and actioned in an effective and efficient manner. This usually requires a combination of lawyers, forensic accountants and forensic technology professionals working in concert together.
One key point that springs to mind when reading this is this. Do not forget the asset tracing side of these matters because recovery is always an important element. My colleague, Daniel Barton, has plenty to say on this if you want to know more.
Every organisation needs to understand cybersecurity risk just as they need to understand financial risk or legal risk. It is now a key function of business to have a comprehensive cybersecurity programme in place.