“Cyber crime will restrict business growth and in the worst cases put firms out of business. This will inevitably impact of the financial growth of the whole country,” said Mr Adams-Mercer who is the founder TheSnugg.com – an international retailer of high-quality iPad and SmartPhone covers.
“We are constantly being told that the police service is facing cuts and some of these cuts are in cyber protection units. We need to be told what services they can provide in the future because the threats from cyber criminals will increase.
Cyber fraud can irreparably damage an SME’s reputation, which in turn can impact on its growth. At the moment, it appears that the issue of cyber security is also relatively low on the boardroom agenda, with over half of leaders saying that other matters always seem more urgent.
1. The Cloud Is Not Immune
An old quote attributable to bank robber Willie Sutton is that he robs banks because that’s where the money is. So it goes for data. As more data migrates to the cloud, targeting that data will increase.
NEW YORK — Because the sums were large and such attacks are relatively new, the two Middle East banks hit in a US$45-million ATM heist face an uncertain path in trying to recover their losses, financial, insurance and legal experts say.
BOSTON (Reuters) - Microsoft Corp and the FBI, aided by authorities in more than 80 countries, have launched a major assault on one of the world's biggest cyber crime rings, believed to have stolen more than $500 million from bank accounts over the past 18 months.
The government is set to announce new measures to tackle cyber crime on Friday as Britain's internet and electronic communications network comes under increased attack from hackers and foreign intelligence agencies. As part of the strategy, a new police Cyber Crime Unit will be formed alongside a team at the intelligence agency GCHQ which will fine-tune the country's military capabilities in the virtual world. A joint initiative between the public and private sector will also be launched to deal with cyber threats and develop responses to intrusions and attacks.