American companies are facing an “unprecedented” onslaught of data theft, costing “hundreds of billions”, according to a report by a private group headed by high-ranking ex-government officials.

Electrical grids worldwide have become more susceptible to cyber attacks, due to the use of industrial control systems, according to market analysts ABI Research.

Twitter has introduced a new two-factor security system – an optional “extra layer” of security which should help to prevent unauthorised access to accounts.

Cybercrime is costing small businesses an average of £4,000 ($6000) a year, according to the British Federation of Small Businesses (FSB). A report by the group found that 41 per cent of the FSB’s membership have been a victim of cybercrime in the past year. The most common threat is virus infections, with 20% of small businesses falling victim – while 8% have been victims of hacking and 5% have suffered security breaches.

Cyber attacks on America will continue to escalate, according to National Security Director Keith Alexander, speaking to the Reuters Cybersecurity Summit in Washington. “Disruptive and destructive attacks on our country will get worse,” said Alexander, the leading U.S. general in charge of the nation’s cybersecurity. “Mark my words, it will get worse.”

The FBI has offered temporary security clearances to security officers from U.S. banks in order to share information into repeated cyber attacks which have disrupted online banking websites in recent months.

Mainstream media reports offer a mere “snapshot” of the scope of cyber-crime, according to the head of British intelligence agency GCHQ (Government Communications Headquarters).

Government regulation of IT security poses challenges for bank security teams, a leading Australian bank IT security expert has claimed.

An international gang of cyber thieves stole $45 million using bank ATMs in a heist spread across 27 countries.

Domain name registrar and web hosting company Name.com has been hit by a security breach.