• Security
  • 17/10/2020
Your business could face £17m fines for inadequate cyber security

UK Businesses may lose 4% of global turnover for neglecting cyber security

UK Businesses could lose 4% of global turnover for negligence in modernizing their cyber security defences.

UK Government proposes fines of £17 million for businesses who fail to implement preventive measures.

British businesses could face the same penalty for failing to protect personal data should they not modernise cyber security infrastructures in accordance with GDPR law.

Not having sufficient technology and professional personnel to protect data may result in penalties severe enough to finish your business.

Cyber attacks have caused major disruptions to service industries such as the transport, health and electricity sectors in recent years.

Cyber attacks have become increasingly sophisticated and more difficult to break down.

Businesses will have to demonstrate how staff, systems and processes measure up against the increasing threat from cyber criminals.

The Government will consider proposals for companies to prove adequate risk assessments were made prior to a ransomware attack.

Such penalties will be a “last resort” but the message is clear. Businesses will need to shape up.

“The NCSC is committed to making the UK the safest place in the world to live and do business online, but we can’t do this alone. Everyone has a part to play and that’s why since our launch we have been offering organisations expert advice on our website and the government’s Cyber Essentials Scheme.” Ciaran Martin, Chief Executive, National Cyber Security Centre

The consultation is part of a 1.9 billion national cyber-security strategy by the UK government to be implemented in May 2018.

Today's meeting is in the wake of the NHS being the focal point of the global ransomware attacks in May 2017 where surgical operations couldn’t be performed, ambulances had to be diverted and patients were unable to access their medical records.

The coordinated attack infected over 1,000,000 computers worldwide.

It is believed 15,000,000 computers would have been affected had Marcus Hutchins not stopped WannaCry in its tracks though He is currently under arrest for six counts of hacking crime related to online fraud. 

“We want the UK to be the safest place in the world to live and be online, with our essential services and infrastructure prepared for the increasing risk of cyber-attack and more resilient against other threats such as power failures and environmental hazards.” Matt Hancock, Digital and Culture Minister

How does your cyber security measure up?

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