“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.

https://www.ncsc.gov.uk/guidance/10-steps-executive-summary

https://www.theguardian.com/money/2018/jun/27/identity-theft-warning-after-major-data-breach-at-ticketmaster

MAC Group announce Senior Promotions

MAC Group announce Senior Promotions

MAC Group have announced the exciting promotion of Ciaran Broad and Tom Wilson to Senior Independent Financial Adviser’s to further strengthen the MAC Financial senior team. Jon McGowan, Group CEO explained “We are incredibly pleased to announce...

MAC Group appoints new Associate Directors

MAC Group appoints new Associate Directors

MAC Group, the Island’s largest Corporate and Private Client IFA, is pleased to announce the appointment of three Associate Directors; Rebecca Netten and Ed Walter for MAC Financial, as well as Peter O’Donnell for MAC Commercial.  These...

COVID-19 Update

COVID-19 Update

Good morning everyone and a happy new year to you!The Isle of Man has been doing a fantastic job of keeping our community safe - so let's keep it up! Following the media release regarding the recent positive COVID-19 cases, if you, or any of your...

Merry Christmas and a Happy New Year

Merry Christmas and a Happy New Year

As a thank you from MAC, we would usually be sending small gifts and cards to show our appreciation. This year we've chosen to donate the money to the Isle of Man Foodbank and the Motor Neurone Disease Association - Isle of Man on behalf of all our...

Anna Beth

Anna Beth

There's quite a lot of big news here at MAC that of course is beginning to circulate in the reliable Isle of Man ways, but we're very excited about sharing it with you properly ourselves soon! In the meantime, we're pleased to introduce Anna Beth,...

COVID-19 Wellbeing Hub and Charity Donations

COVID-19 Wellbeing Hub and Charity Donations

MAC Group staff donate part of their salary to support the NHS on the Island and MAC announces imminent launch of Covid-19 Wellbeing Hub which will be free for individuals and businesses on island to access. The challenges to the community and...