The National Cyber Security Centre (NCSC) has published a report which highlights the following:
- It is estimated that the proceeds of cyber-crime make up 8-10% of total illegal profits laundered globally (believed to be valued at up to $200 billion).
- Virtual currencies such as bitcoin and others are becoming the primary tool for criminals to launder these proceeds
- E-mails appear to remain a popular tool for attackers to launch cyber-attacks, distribute ransomware and other forms of malware, or to commit fraud via business email compromise.
The report is part of a regular update from the NCSC which can be accessed at: https://www.ncsc.gov.uk/report/weekly-threat-report-23rd-march-2018
The Centre has also published guidance on the following topics which can be accessed via the above link.
NCSC research suggests that malicious links within e-mails are perceived to be posing the biggest cyber threat to UK businesses. Given the increased incidence of cyber-attacks, RWA recommends that all insurance brokers review their systems and controls for countering cyber-crime on a regular basis and involve their IT partners/advisors to ensure that their system is as robust as can be.
For Development Zone users, there are a number of Cyber modules which can help and guide you in protecting your business.
Many solutions can be implemented easily and inexpensively, and much is about ensuring staff are fully aware of issues, having internal procedures such as staff not allowed to download games or screensavers and so on.
Firms may find it useful to refer to the FCA’s guidance documentation “Cyber security practices” which outlines steps that can be taken to ensure that firms minimise the risk of becoming victim to cyber-attacks and how to implement effective cyber security practices.
This can be found at:
https://www.fca.org.uk/search-results?search_term=Good%20cyber%20security%20%E2%80%92%20the%20foundations
The FCA will look at how firms protect their clients’ data (and themselves) and are showing an increased interest in how firms approach Cyber and Crime insurance to protect themselves and clients.
Remember, this is all about firms having procedures in place to protect their clients, look after their interests and ensure that firms comply with the fifth Threshold Condition of a sustainable and viable business model. So Cyber Security is an essential part of any Disaster Recovery or Business Continuity Plan.
Please speak to your usual RWA contact if you require any further information or any assistance.
If you are not a Development Zone user and would like more information or a free trial, please email: devzone@rwagroup.co.uk.
