Cyber criminals are well known for attacking the computer software of companies to breach their information systems. Now they are increasingly discovering the potential of disrupting manufacturing facilities or power plants, as well as other vital infrastructure, through denial-of-service attacks or other security compromises.
Businesses are becoming increasingly concerned about reputational risk and the severe impact it can cause to companies’ revenues and profits.
The UK’s Court of Appeal has allowed a representative action against Google, clarifying that individuals can suffer damage by losing control of data while potentially opening the floodgates for privacy class actions in the country.
Criminals are increasingly viewing ransomware attacks as a lucrative income source and applying more sophisticated techniques, driving up costs for businesses and often giving them no choice other than paying the demanded ransom sum.
While the “record” fine British Airways (BA) is facing from the UK regulator following the 2018 cyber-attack on its website is causing a stir in the media, the unreported costs are likely to be much higher.