Londoners lose £26 million a month to cyber crime

News has surfaced that individuals and businesses in London are losing £26 million a month due to cyber attacks warns Scotland Yard. About 3,500 victims of cyber fraud are recorded in the capital each month, with phishing emails, ransomware and malware the most common scams.

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Detective Chief Superintendent Mick Gallagher, head of the Met’s Organised Crime Command, believes “a lack of understanding of the cyber threat” is to blame.

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Commenting on the news is Paul Edon, director at Tripwire, who said:

The cost of a cyber attack to the everyday person will only rise if security is not taken seriously and the only way to drill that home is through education. We have a generation now that was born with Internet access, who freely distribute their private information on the web via email, texts and apps without realising the consequences.

By educating individuals about the basics of security, like not reusing passwords for numerous accounts or not clicking on malicious emails, links or attachments, will naturally reduce the threat of an attack. Additionally, enterprises and large institutions that store personal, financial, or health information should be enforcing multi-factor authentication, particularly for administrative accounts, to prevent a simple user name and password from being able to broadly access sensitive and valuable information.

People are unfortunately the weak link in the security pyramid with hackers preying on this naivety and this needs to change.