It's certainly not news to us that Cyber Fraud has been increasing rapidly over the last few years, however, it has been confirmed in a recent annual global fraud and risk survey conducted by Kroll's. The report shows a gradual incline since 2012, with 86% of companies worldwide reporting at least one incidence of cybercrime in 2017. This is not surprising given the sheer pace technology is advancing. With organisations racing to embrace innovations for fear of being left behind, both the organisation and individuals are left open to fraud. How businesses plan for fraud will make a difference in the long-term for the security of their business interests as well as their clients' data and assets.
This report has shown that information theft has overtaken the theft of physical assets for the first time. Just under 30% of companies globally have confirmed they fell victim to an information security breach or threat in 2017. As the General Data Protection Regulation (GDPR) deadline approaches in May this year, the issue of cyber-security should be a top priority for executives. More than half of those surveyed for the report admitted their businesses were "highly or somewhat vulnerable" to information theft, making information theft figures see a 6 percent rise on last year. The data breach at Equifax, a USA based credit reporting company, was the most poignant cyberattack for business leaders in a year where cybercrime news peppered the headlines. The company is now facing criminal and regulatory investigations following a data leak of 143 million US customers' information. Over 694,000 British customers were also affected by the breach.
Jason Smolanoff, senior managing director at Kroll said that it is through the convergence between physical and digital threats where we are seeing breaches arising, with sensitive data being stolen or lost; as well as employees with access to highly sensitive information, accidentally or intentionally, causing a breach.
Vice President and head of Enterprise and Cyber Security EMEIA at Fujitsu, Rob Norris suggests that following the wave of cyberattacks in 2017, no one is safe.
"While there is a heightened awareness of the issue – a fifth of the UK public think cybercrime and hacking are the biggest challenges facing the UK today, businesses still seem underprepared. Indeed, today 4-in-5 organisations still say that a lack of skills is the biggest threat to their cybersecurity."
"Cybercriminals are becoming increasingly bold, finding new and creative ways to dupe people into revealing compromising sensitive financial and personal data. This means that "unusual behaviour" is getting harder to detect and might not seem unusual at all."
"And with employees on the front line of this battle, more must be done to improve user awareness and training. Upskilling employees and making them more cyber aware is one of the most cost-effective ways of reducing the probability and impact of human error."
"But it won’t work as a stand-alone policy. Organisations need to continue to invest in technical and security controls. What’s more, businesses should be doing more to proactively search for the threats themselves instead of waiting for breaches to happen."
"In today’s world, cybercrime is inevitable. How businesses prepare themselves for cyberattacks is going to be what makes the difference on the long-term impact.”
As the threat of cybercrime increases, alongside the significant improvement we are now seeing in communications between enforcement agencies and supervisors in the fight against potential cybertheft and fraud, we will continue to see an increase in the number of arrests and investigations. Whether you are facing allegations, or require counsel, advice from an expert in the field who can easily navigate such a complex field is essential for the best possible defence.
Serious fraud and financial crime represent a substantial part of my practice. I am a specialist defence barrister, and therefore I have considerable experience in the field. This includes cybercrime bank fraud, internet fraud, education fraud, and multi-million-pound carousel fraud/MTIC fraud. I also regularly deal with the accompanying confiscation and restraint proceedings relating to these cases.
As cybercrime covers vast and sometimes complex areas of law, it follows that you should always make sure that you have the very best legal representation at all stages. Having access to this network of experts and the technical tools to do the job, ensures I always have time for detailed preparation, and to give due attention to my client’s case. To give yourself the best possible chance of a positive outcome it is vital you seek early expert representation as soon as possible.
If you find yourself under investigation for cybercrime or fraud, do not hesitate to get in touch at the soonest opportunity. My professional experience, approachability and considerable expertise can ensure that you will be in a very safe pair of hands when it comes to your defence, and my track record is second to none. I consistently obtain favourable results for clients accused of a variety of fraud and financial and regulatory cases.
Serving Manchester, Birmingham, Leeds, London, Bristol and the rest of the UK. If you have any queries about issues raised in this blog, or if you want to discuss your case, please do not hesitate to get in touch with me directly on 020 8108 7186 or fill out a contact form and we will get back to you as soon as possible.
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15 August 2023
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