Feeds

E-crime costs UK business billions

Say electric detectives

  • alert
  • submit to reddit

Internet Security Threat Report 2014

Detective Chief Superintendent Len Hinds, head of the National High Tech Crime Unit(NHTCU), warned British business today that denial of service attacks, coupled with threats of extortion are the fastest growing threat faced by IT departments.

Hinds said: "We're seeing a marked increase in distributed denial of service attacks being utilised alongside extortion demands - like those suffered recently by online gambling sites."

He also warned of the increasing sophistication, and number, of spoof websites: "Eighteen months ago you would probably have realised the spoof site was a fake - but they are more sophisticated now, they appear part of a genuine site and they are set up to collect data." The number of such attacks reported to the NHTCU jumped last year from seven to over 50.

Hinds was speaking at the launch of the NHTCU Hi-Tech Crime Survey for 2003. Researchers from NOP spoke to 201 large and medium enterprises. A quarter of these were from the financial sector and more than half had over 1,000 employees.

Some 83 per cent admitted to being victims of some form of hi-tech crime during the year. Of these companies, 77 per cent had suffered a virus attack, 20 per cent a denial of service attack, 17 per cent financial fraud and 15 per cent saw a corporate website being spoofed.

The NHTCU asked businesses to estimate the cost of these attacks and reached a total figure of £195m. Three financial institutions accounted for £60m of this loss.The figures include not just stolen money but also the cost of downtime and damage to the company's reputation.

The survey marked the start of the second e-crime congress. For more information click here

David Aucsmith, architect and CTO of Microsoft's security business and technology unit, was asked if Microsoft security patches were part of the problem. He admitted that the process of installing patches was "not as painless as possible", but he said the company was working to improve the process.

In future patches will be smaller and most will not require a reboot - which Aucsmith compared to fixing a plane in flight. They will become Microsoft updates for all systems not just Windows. Aucsmith declined to comment further because Chairman Bill will be detailing the changes at the RSA conference this week. ®

Related stories

Police arrest online cannabis dealers
UK ID theft gang jailed for £350K fraud

a href="http://www.theregister.co.uk/content/archive/33526.html"UK banks and police proffer anti-phishing advice>&Reg;

Choosing a cloud hosting partner with confidence

More from The Register

next story
Regin: The super-spyware the security industry has been silent about
NSA fingered as likely source of complex malware family
Privacy bods offer GOV SPY VICTIMS a FREE SPYWARE SNIFFER
Looks for gov malware that evades most antivirus
Patch NOW! Microsoft slings emergency bug fix at Windows admins
Vulnerability promotes lusers to domain overlords ... oops
HACKERS can DELETE SURVEILLANCE DVRS remotely – report
Hikvision devices wide open to hacking, claim securobods
'Regin': The 'New Stuxnet' spook-grade SOFTWARE WEAPON described
'A degree of technical competence rarely seen'
Astro-boffins start opening universe simulation data
Got a supercomputer? Want to simulate a universe? Here you go
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Designing and building an open ITOA architecture
Learn about a new IT data taxonomy defined by the four data sources of IT visibility: wire, machine, agent, and synthetic data sets.
How to determine if cloud backup is right for your servers
Two key factors, technical feasibility and TCO economics, that backup and IT operations managers should consider when assessing cloud backup.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.