Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


By Chris Underhill, Chief Technical Officer at Cyber Security Partners (CSP)

Chris Underhill

London is a hub for big business; the financial services industry provides one in 14[1] of all jobs across the country, and even more in the capital itself. This makes London a very attractive target for cyber criminals as there is a lot of money to play with. On this basis, London and its inhabitants, both businesses and consumers, are at higher risk of being targeted by cyber criminals via all manner of online threats, including email phishing and malware.

In fact, research by financial technology company Intelligent Environments reveals that London has the highest volume of cyber crime victims in the UK, with 27% of research respondents stating they’ve been affected at some point. This worrying statistic really proves the point that London is high on the hit list of hackers and other cyber criminals, so businesses can ill afford to not prioritise protecting themselves and their customers.

What is at stake?

Cyber criminals can attack businesses in a number of ways; from hacking into cloud databases that hold valuable bank details, or even via customers by conning them into giving their money to a criminal disguised at their trusted bank. And the impact of cyber crime can be devastating, with financial assets, reputation and trust all at stake.

Last year, comms giant TalkTalk was targeted by cyber criminals, resulting in the loss of customer data and an incredibly public lashing that dented both the brand’s reputation, not to mention customer trust in it. The board of the company later estimated that the attack had cost TalkTalk some £35 million, a substantially larger amount of money than adequate defences against cyber crime would have cost.

But TalkTalk’s woes didn’t stop there. By the end of 2015, the company’s share value had dropped by approximately a third, equating to around £750 million; a drop which can be partly attributed to the cyber attacks it encountered. 

Playing FTSE with cyber crime

Despite the high level of cyber threats we all face, it would seem that many London businesses are failing to stay one step ahead of cyber criminals, even in terms of putting basic measures in place. New research by Cyber Security Partners reveals that a staggering 97% of FTSE 250 companies are exposing their customers and clients to the risks of phishing attacks. The majority of companies leave it up to customers to report instances of email phishing, or put the onus on them to protect themselves, rather than taking a more assertive approach, which is leaving consumers at risk.

The devastating effects of cyber crime are plain to see, as are the many options available to businesses to protect themselves and customers from this on-going threat. No longer should the responsibility fall with the average consumer to highlight suspicious activity or blatant threats, businesses should be of the mindset that, when it comes to cyber crime, a prevention is always better than a cure.

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts