Cyber crime costs one UK business £800m

Stat of the day: £800m. MI5 director general Jonathan Evans has revealed that hackers are wreaking havoc within state and commercial systems. MI5 is currently investigating a dozen incidents, he said, but one organisation has already suffered losses of £800m as a result of cyber-crime.

by Rebecca Burn-Callander
Last Updated: 30 Oct 2015

Evans named no names when he addressed delgates at the Lord Mayor's Annual Security and Defence Lecture yesterday. but he did reveal that firm in question lost out on the significant sum through intellectual property theft and 'commercial disadvantage in contractual negotiations'.

Many cyber attacks now originate from China and Russia, he said, adding that these kinds of attacks have become more and more commonplace in recent years: 'The extent of what is going on is astonishing. With industrial-scale processes involving many thousands of people lying behind both State sponsored cyber espionage and organised cyber crime.'

The problem lies in the fact that the internet now permeates all aspects of corporate life, from the cars we drive to the buildings we work in. 'This increases the potential for mischief and leads to risks of real world damage as well as information loss,' explained the MI5 boss.

In a speech that would have sounded more at home in Mission Impossible than the City of London, Evans warned, 'What is at stake is not just our government secrets but also the safety and security of our infrastructure, the intellectual property that underpins our future prosperity and the commercially sensitive information that is the lifeblood of our companies and corporations.'

Image: BigStockPhoto

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