UK businesses ‘number one target for cybercriminals'

UK businesses are more likely to be the victim of cybercrime than their international counterparts, according to new data from ThreatMetrix.

Its analysis revealed that British enterprises were attacked more than double the number of times as their US counterparts, from both domestic and international sources – the latter tending to be from the US, Germany, Nigeria and Mexico.

While most cyberattacks throughout the world originate in the US, the UK is not far behind with ThreatMetrix stating that it is “the second highest originator” of cybercrime.

Financial institutions were found to be the main target, with cybercriminals focusing their efforts on online lenders.

“Online lending is a hotbed for fraud because it is an insecure channel and targets the unbanked and underbanked population in developing countries – which tends to be a big target for attackers,” commented Dr. Stephen Moody, solutions director (EMEA) at ThreatMetrix.

“The more businesses and consumers turn to the digital space to store and manage their financial information, the more fraudsters will be on high alert – ensuring digital identities are effectively protected should be high priority for everyone.”

It was also revealed that during the second quarter of 2015, there was a “spike” in ecommerce-related cyberattacks in the UK. Attacks on financial services for this period remained steady.

Online fraud is an increasing concern for consumers across the world, so much so that many individuals are willing to share their DNA with their banks in the foreseeable future to further secure their financial and personal data.

Earlier this year, a report by Telstra revealed that one in five respondents would feel comfortable in handing over their DNA if it meant they felt more confident about banking and managing their finances online.

“We found those with more to invest are more willing to ‘do what it takes’ to ensure security,” the Australian-based telecommunications and information services company outlined in its paper.

“A staggering 47 percent of those with a net worth of more than US $1 million would share their DNA profile with a financial provider.”