A Summary of the Recent FSB Cyber-Crime & Security Seminar

I thought I would share details of a seminar that I attended recently which was organised by the Federation of Small Businesses (FSB) and covered the topic of cyber-crime and security.

Lee Campbell who is an IT security consultant and cyber-crime spokesman for the FSB, opened the event with a quote from the renowned Eugene Spafford:

“The only truly secure system is one that is powered off, cast in a block of concrete and sealed in a lead-lined room with armed guards — and even then I have my doubts”

Lee’s presentation continued on the theme of information risk management and the importance of carrying out an information risk audit, within which there are 3 key stages:

Stage 1 is to identify what is actually at risk. This is normally being an asset such as intellectual property, money, data, software or hardware.

Stage 2 is to look at the potential threats. These could consist of hackers, rogue employees, accidental loss or in extreme scenarios other States.

Stage 3 is to evaluate the overall risk the business needs to consider the possible impact from the threat. This could include a reduction of share price, loss of reputation, possible fines and the most importantly the ability to continue to make money.

Lee went on to explain that statistically SME’s are 60% more likely to suffer from cybercrime as hackers are aware that larger organisations have more stringent IT security measures in place. The Information Security Breaches Survey 2014, commissioned by the Department for Business, Innovation and Skills (BIS) and undertaken by PwC revealed that the average cost of cyber-crime to SME’s is C£4,000.

The next speaker was Craig Jones, Head of ACPO Regional Cyber Crime Unit. Craig gave some examples of some real cases that he has dealt with recently. These included malware, network intrusion, denial of service attacks and cyber extortion. Craig emphasised that the Government are taking cyber-crime very seriously and that the cyber-crime unit has had more funds available to them whilst other area of the Police have had their funding cut.

Craig also explained that more is being done to make the reporting and sharing of cyber-crime information easier and referred to https://www.cert.gov.uk/ and to https://www.cert.gov.uk/cisp/

The final speaker was Simon Kendall, Deputy Director from BIS (Department for Business, Innovation and Skills).

Simon reiterated how seriously the Government is treating cyber-crime and why it is considered a level one threat. Simon explained that is quite for easy for unsophisticated criminals to purchase the programmes they need to carry out attacks from countries outside the UK.

Simon also explained Cyber Essentials which a government-backed, industry supported scheme to help organisations protect themselves against common cyber-attacks. https://www.gov.uk/government/publications/cyber-essentials-scheme-overview

The Innovation vouchers scheme was also discussed. This scheme gives qualifying business a grant of up to £5000 to pay for cyber security. The details can be found on https://vouchers.innovateuk.org/cyber-security

Massive Open Online Courses (MOOC) was also deliberated. This site can be used access free training courses including cyber security training. https://www.mooc-list.com/

Simon also spoke about training initiatives for lawyers and accountants who may not have consider their cyber risks. More information can be found at https://www.gov.uk/government/news/new-training-available-for-professionals-on-the-front-line-of-cyber-attacks

In my opinion the event was a great success and the positive note that came from it is that 80% of cyber-crimes are preventable.

From an cyber insurance point of view there are more and more products being developed to protect against own losses (protecting your bottom line) and third party claims. If you would like advice in this area, please do get in touch by emailing me at tony.gibbs@macbeths.co.uk or completing an enquiry form.

*Information correct as of 1st May 2016

Author: Tony Gibbs | October 14th, 2014

Contact the author

Tony Gibbs
Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767   info@macbeths.co.uk