“A low risk crime, that provides high pay offs”, a quote from a recent McAfee report that much of the reason for the rise in Cybercrime can be attributed to.
Add on the increasing accessibility to the internet across the World, the increased use of technology such as smart home equipment, online banking and cloud data storage, you’ve got yourself most of the answers!
The following case study gives an example of why Cybercrime can be seen as low risk. In June 2018, it was reported that Ticketmaster had suffered a data breach, up to 40,000 users may have had their log in details, home address, telephone number and payment details compromised. The company has also been accused of sitting on the breach. It was brought to the attention of the banks and users by digital banking firm Monzo, who noticed an unusual spike in some of their customers’ card usage in April. So, as well as the delay in informing customers, the company affected is reported to be currently investigating the “way” that the data was breached, let alone starting on the “who”! Any hope of seizing the criminals and preventing further crime is quickly diminishing.
Company’s suffering data breaches risk a loss of customer trust, litigation and high financial fines, which is why the covering up of compromised accounts has been a trend in recent years, giving Cybercriminals have the added benefit, that their initial victim, the company, will also be helping to bury the crime!
Another fact that lowers the risk of Cybercrime is that the internet is not restricted by international borders. If a crime is committed within the UK, from a team in Vietnam, there would be a number of lengthy, legal procedures to go through before the criminals can be investigated and arrested, leaving plenty more time for the criminal team to cover their tracks and disappear.
Finally, a lack of training within company employees means that there is often a lack of awareness in how to spot or prevent a cyber-attack from happening and sometimes, pure negligence regarding confidentiality and security means that the increased amount of stored digital data is treated haphazardly and easily intercepted by the opportunistic hacker.
So again, it seems that Cybercrime cannot be ignored and we must learn to adapt our daily practices to spot, stop and prevent it within our own offices. The National Cyber Security Centre has put together a “10 Step Plan”, to help organisations protect themselves in Cyberspace. You can download it here.
Where we come in? Along with recent Cyber Security guidance issued by IOMFSA and GDPR, it is essential that Cyber Security forms part of your company insurance policy. Download our cyber crime brochure here if you’d like information about how we can help, or contact Peter O’Donnell if you’d like to take action to start protecting your business right away.
01624 639450. Peter.O’Donnell@macgroup.im
References:
Economic Impact of Cybercrime No Slowing Down, James Lewis, McAfee.
MAC Group | 20 years in the making
From Pensions to Fintech (via Triathlon) - the journey of an EntrepreneurJon McGowan, CEO and founder of MAC Group, sat down with Hannah Francis, Marketing and Communications Lead, to reflect on the Group's remarkable 20-year journey.Jon McGowan...
Mark Murley joins MAC Financial
Mark Murley has joined MAC Financial as a Senior Independent Financial Adviser.
MAC Sponsors IOM CoC Positive Health & Wellbeing Conference
The Positive Health & Workplace Wellbeing Conference takes place on 26 November, with MAC sponsoring the leadership breakfast.
MAC Group Sponsors Isle of Man Team in 2024 Small States of Europe Badminton Championships
MAC Group Sponsors Isle of Man Team in 2024 Small States of Europe Badminton Championships
Mike Stringer Promoted to Senior Group Risk Consultant
MAC Financial is pleased to announce the promotion of Mike Stringer to Senior Group Risk Consultant.
MAC Group Golf Day raises £6,000 for charity
MAC Group Golf Day raises £6,000 for charity MAC Group is thrilled to announce that our Charity Golf Day, held on 13 September 2024 at Ramsey Golf Club, raised an impressive £6,000. This significant amount was generated through entry fees, a...
Trainee Paraplanner Todd Crellin Earns CII Regulated Diploma
Trainee Paraplanner Todd Crellin Achieves Chartered Insurance Institute (CII) Regulated Diploma at MAC Financial MAC Group is proud to announce that Todd Crellin, one of MAC Financial’s Trainee Paraplanners, has successfully passed the Chartered...
MAC Group Sponsors “We Will Rock You”
MAC Group Sponsors “We Will Rock You” The Isle of Man rocked this summer, thanks to the support of MAC Group! Nearly 7,000 people have attended the Taylorian production of “We Will Rock You” at the Gaiety Theatre, where MAC Group proudly sponsored...
MAC Charity Golf Day 2024
MAC Group is excited to announce its upcoming charity golf day, set to take place on Friday, September 13th, at the prestigious Ramsey Golf Club.