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Yahoo Finance: UK fintech is set for another shot of momentum after a series of cyber attacks on top retailers exposed a need for greater security expansion.
The Target: The Legal Aid Agency, which is part of the UK’s Ministry of Justice, provides criminal and civil legal aid and advice to people in England and Wales.
The Take: The compromised data includes applicants’ contact details and addresses, dates of birth, national ID numbers, criminal history, and employment status, as well as financial information such as contribution amounts, payments, and debts.
The Vector: An investigation conducted with the aid of the National Crime Agency and National Cyber Security Centre revealed on May 16 that the intrusion was “more extensive than originally understood and that the group behind it had accessed a large amount of information relating to legal aid applicants”.
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.
The Guardian: The boss of HSBC’s UK arm has said the bank is “being attacked all the time” by online criminals, with cybersecurity now its biggest expense, costing the lender hundreds of millions of pounds.
Yahoo News: The vast majority of UK firms are not at the required level of readiness to be able to withstand modern cyber attacks, a new report has warned.
Tech.eu: UK venture capital firm Osney Capital announced the first close of its debut fund to invest in the UK’s most promising cyber security startups. This fund is the UK’s first specialist cyber security seed fund, and it is oversubscribed from its original target of £50 million.
Tech Radar: The cyber sector in the UK has seen significant investment in the last few months, and has grown 12% in the last year, new analysis has claimed. The industry generated £13.2 billion in revenue over the past year, with a total gross value added of £7.8 billion, up 21% from the year before.
Funds Europe: Railpen, the pension manager of the UK rail industry, and Royal London Asset Management (RLAM) have jointly published a report to address the growing threat of cybersecurity risks in investment portfolios.
The Target: BT Group is the United Kingdom's leading fixed and mobile telecom provider. It also provides managed telecommunications, security, and network and IT infrastructure services to customers in 180 countries.
The Take: This comes after the Black Basta ransomware gang claimed they breached the company's servers and allegedly stole 500GB of data, including financial and organizational data, "users data and personal docs," NDA documents, confidential information, and more.
The Vector: BT Group identified an attempt to compromise their BT Conferencing platform. This incident was restricted to specific elements of the platform, which were rapidly taken offline and isolated, BleepingComputer was told.
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.
Cybersecurity Dive: The new leader of the United Kingdom’s National Cyber Security Centre warned the country has reached an inflection point where malicious actors are actively working to weaponize the country’s dependence on the digital economy.
MSN: Cyberattacks have cost British businesses around 44 billion pounds ($55.08 billion) in lost revenue in the past five years, with 52% of private sector companies reporting at least one attack in that time, insurance broker Howden said.
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