Financial Cyber Crime in 2015: ‘This Time it’s Personal!’

According to Stephen Bonner, a partner in KPMG’s cyber security practice, ‘this time it’s personal’ will be motto of 2015 as cyber-criminals are predicted to become more selective in the way they target victims. He believes that the next twelve months will see the criminals favour highly targeted ‘campaigns’, based on the data trail people leave in their online lives.

Stephen says:

“Over the past year, the Internet of Things took its first tentative steps into the mainstream, but consumers’ willingness to adopt the latest trend has come at a price. Their desire to be seen, has overtaken their desire to be secure, meaning that we can expect organised crime to find new ways to make money in our increasingly digitised society. It is possible that our willingness to share and shop online will let criminals become more selective about who they target. They won’t need to maintain the current ‘hit and hope’ approach of spear-phishing, instead they’ll attack specific users and computers based on the data these give away about their owners”.

The result, according to Bonner, will be a business world where cyber protection matures and where governments come together to improve ways in which confidential data is secured.

He says:

“2014 may have been a year in which hardly any time went by without news of a cyber attack and the next 12 months will be no different. This time, however, third party assurance will become a burgeoning industry as firms seek to protect themselves against lawsuits for loss of data or revenue. As part of this, my hope is that EU governments will reach agreement on data protection legislation in a post-Snowden world, and implement a data breach disclosure regime”.

Stephen believes that ultimately, cyber defence will be akin to a game of whack-a-mole – with more emphasis on spotting attacks, more sharing of intelligence in near real-time and more efforts by companies and governments to counter and disrupting cyber-attacks quickly. But to win the game a change in mindset is needed, with security teams reinventing themselves by engaging with the business to really understand their priorities and justify their budget, ensuring that their efforts are focused on defending key business assets, while all the while being seen as an enabler for doing business in the digital world.

Let’s start a conversation 

    Subscribe me for updates and news from In Accountancy

    Related articles

    tax on interest income
    Limited Companies

    Maximise Your Tax-Free Savings Interest Income: UK Guide for 2024

    Over the last year UK savers have finally been in a position to earn some interest on their savings, but how is interest income taxed, and how can you maximise the tax free element of what you receive? 🤔
    If you meet certain criteria or have flexibility in how you structure your income, then you can potentially enjoy up to £18,570 of your income completely tax-free!! 🥳

    Read More »
    time to pay arrangement
    Limited Companies

    Time to Pay Arrangements: A Lifeline for Owner-Managed Businesses

    Are You Struggling to Meet Your Tax Obligations?

    More than 30,000 UK businesses were involved in some kind of insolvency action in 2023, which was an increase of more than 50% compared with 2021 according to an article in the Guardian earlier this year.

    And the economic outlook would suggest that despite the fact that we are no longer in recession, 2024 and 2025 will be a challenging year for UK small business.

    With this in mind we have prepared the following guide and associated video to help you understand what your options are with regards to agreeing what is known as a ‘Time to Pay’ arrangement with HMRC.

    Read More »

    Find out how we can help?

    Lectus scelerisque a donec tincidunt litora per eleifend eget ut sagittis conubia pharetra scelerisque dui ultricies duis parturient auctor adipiscing.

     

    Let’s start a conversation 

      Subscribe me for updates and news from In Accountancy

      IN-ACCOUNTANCY

      Search