Cyber Attacks cost mid-sized firms £30 billion a year and the inventor of the Password Passes

A new report by Grant Thornton reveals that cyber-attacks are costing mid-sized businesses in the UK a whopping £30 billion per year and the man who invented the computer password Professor Emeritus Fernando Corbató has passed away.

Half of the businesses polled in the Cyber security: the board report said they had reported losses of between 3-10% following a cybersecurity breach. The worst hit businesses saw losses of 25% in revenue. Other findings from the report were;

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The cyber myth problem

The report highlights that many mid-sized businesses fall for the cyber myth that they’re too small to be targeted by cyber criminals. By believing this they pay less attention on implementing the cybersecurity basics that can greatly reduce the threats and in turn save them a lot of money. 

Shockingly less than a third of the businesses surveyed said that they followed minimum cybersecurity standards, with less than half of them carrying out regular risk assessments , and 55% cyber health checks. Just 41% said they have an incident response plan in place, and less than 40% said that their boards formally review cybersecurity or have provided all staff with cybersecurity training in the past 12-months. 

With the simplicity and availability on automated hacking tools, those businesses not taking cybersecurity seriously will fall victim to an attack. For advice on how to secure your business contact our consultancy team

18% of businesses are still using Windows 7

In other news, a survey by Kollective revealed that 18% of large enterprises in the UK and USA are still using Windows 7 operating systems despite Microsoft officially ending its support in January 2020. The figure for SMEs is unknown, but is likely to be a lot higher. Out of date software and hardware is a major cause of cyber incidents.

Why do businesses use outdated software/hardware?

Updating software and hardware is often expensive, time consuming and often seen as a drain on resources. Another factor is that important and valuable data is often stored on legacy systems that are deemed too valuable to risk replacing. Often, the need to update is only driven home when the inevitable cyber-attacks occur.

Inventor of the password passes

The man hailed as the inventor of the computer password Professor Emeritus Fernando Corbató sadly passed away on July 12th aged 93. Professor Emeritus had a long career at the Massachusetts Institute of Technology (MIT) where he led the development of one of the world’s first operating and password system.

The Compatible Time-Sharing System (CTSS) was designed to allow several people to use one computer at a time. It was also the first system to implement passwords.

CTSS introduced the concept of digital security as different users wanted to keep their own files separate and private from other users. To do this they had to create personal passwords and individual accounts.

For Further Reading

Cyber guides part 1: Passwords 101

The Cybersecurity Dream team of CyberScore™ and Cyber Posture Assessments

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