News

The UK takes on cybercrime

Like any country, the United Kingdom has struggled with securing its networks against the threat of cybercriminals. In the past, many businesses dismissed the potential damage caused by a severe data security breach. According to a study conducted by the Ponemon Institute, 58 percent of companies that had not yet experienced a security breach stated it would not result in significant damage to their reputation.

However, other studies have shown that this is not the case. Another Ponemon Institute study reported that indirect costs such as lost business, customer churn and reputational damage accounted for 47 percent of the total per capita cost of compromised data. UK businesses experienced a 68 percent increase in the cost of data breaches between 2007 and 2012.

Government officials are hoping to turn the tide against hackers and data thieves with the development of a new facility to aid cybersecurity professionals. SC Magazine UK reported that authorities are aiming for the "Global Centre for Cyber Security Capacity Building" to significantly improve defenses and reduce the extent of damage caused by network breaches across not only the UK, but the entire world. Officials plan to use the facility as a launching pad for a number of initiatives to improve global cybersecurity.

"'Capacity' includes having comprehensive national programs and the policies, cooperation, skills and workforce, technology and expertise to tackle online threats and reduce harm, while ensuring cyberspace supports innovation, economic growth and social benefits," Francis Maude, minister for cybersecurity in the Cabinet Office, said.

With more than $750,000 worth funding each year, the center will coordinate with other national governments as well as private enterprises to determine the best methods to combat the growing threat of cybercrime. 

Government agencies are increasing their efforts to mitigate the damage caused by network breaches. Encryption can be utilized to prevent hackers from accessing important files. Protect sensitive data while in transit with an SSL certificate. 

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