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The Record: After more than four years of development and multiple delays, the British government introduced its landmark Cyber Security and Resilience Bill to Parliament, threatening large fines for companies that fail to protect themselves from cyberattacks.
The Target: Capita is a major UK-based outsourcing and professional services company that provides consulting, digital, and software services to local councils, the NHS, the Ministry of Defense, and organizations in the banking, utilities, and telecommunications sectors.
The Take: Hackers had accessed 4% of Capita’s internal IT infrastructure, and exfiltrated private files hosted on the breached systems.
The Vector: The company announced that it had been targeted by hackers who attempted access to its internal Microsoft 365 environment, forcing some systems offline as part of its response.
This breach highlights the extreme importance of timely software updates for known software vulnerabilities, not only in systems directly under a firm’s control, but in third-party systems the firm relies upon as well. The longer a firm, or its vendors, hold out on deploying the most up-to-date software for their systems, the greater the chance an attacker will exploit the issue.
Yahoo Finance: New research commissioned by global S&P500 corporate payments company, Corpay, finds that 99% of UK finance leaders surveyed have experienced payments-related cyber incidents in the past two years, exposing the fragility of legacy systems and an urgent need for change.
Funds Europe: UK pensions manager Railpen has partnered with sustainability consultancy Chronos Sustainability for a report on “how AI systems are classified and the risks they could pose to portfolio companies without an effective and efficient system of governance.”
Sky News: Sky News has learnt that NCC has engaged bankers at Rothschild to examine options for its cybersecurity arm, with a sale among the possible options being considered.
Private Equity Wire: Cyber security consulting firm S-RM’s latest study, based on a survey of 100 PE professionals across the UK, Europe, and the US, reveals that 72% of respondents have experienced a serious cyber incident across their portfolios in the past three years – highlighting cyber attacks as systemic risks that span entire investment ecosystems.
Pitchbook: Even as the UK government scrambles to support the cybersecurity industry following a string of attacks, VC funding for UK cybersecurity startups is on track to hit its lowest level in a decade.
The Guardian: It is every bank boss’s worst nightmare: a panicked phone call informs them a cyber-attack has crippled the IT system, rapidly unleashing chaos across the entire UK financial industry.
SecurityWeek: Founded in 2011, the London-based firm provides real-time detection and response and penetration testing capabilities in a single, unified platform that delivers enterprise-grade cybersecurity to mid-sized businesses.
Business Wire: UK mid-market private equity investment firm Limerston Capital announces the acquisition of CyberCrowd, a UK-based cyber security services specialist.
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