United Kingdom

Details

  • Industry: Technology
  • Type: Press release
  • Date: 17/12/2013

Cyber security concerns to heighten for consumers and businesses in 2014 

Cyber security is a rapidly changing field and making predictions always carries a certain risk, but Malcolm Marshall, UK and Global Leader of KPMG’s Information Protection and Business Resilience team says there are clear trends emerging and the possibility of a few ‘black swans’ in 2014.

Commenting on the emergence of cyber security standards, Marshall said:

 

“As governments worry about the scale of the cyber security threat, we can expect to see more national standards emerge, and greater pressure for “voluntary” compliance. The US NIST cyber security framework and the UK government’s ‘kitemark’ are just two examples.”

“On the back of emerging standards we will see the cyber insurance market develop and begin to provide market incentives for compliance, whether that is a willingness to insure or reduce premiums. Non-compliance will also lead to a legal debate over liability for incidents.”

Cyber intelligence will also grow as a business, leading Marshall to say:

 

“The number of firms offering cyber intelligence and claiming to mine the dark corners of the internet for information on threats and vulnerabilities will grow. Security companies will begin to put more of the Advanced Persistent Threat jigsaw together - a euphemism for State sponsored cyber espionage.”

“Key financial institutions will automate the exchange of intelligence in real-time, with other critical national infrastructure sectors on their coat tails. But vital questions remain - how useful is data in really understanding the threat landscape, and how can firms really harness it to make decisions on their security stance and the level of risk they are prepared to carry?”

Highlighting mobility as a cause for an increase in e-crime over the next 12 months, Marshall adds:

 

“Organised crime will always follow the money with a growing range of malicious apps targeting on-line transactions, sophisticated spyware, and attack techniques which exploit the link between the user’s mobile phone and their home computer. We can also expect more targeted attacks as criminals tailor their email campaigns and carefully choose their watering holes to lure in unsuspecting users.”
According to Marshall, the debate on the future of the Internet will also continue.  He suggests:

 

“Snowden’s revelations have triggered a privacy debate which will continue to rage in 2014. Expect more disclosures, more calls for greater transparency over government actions, and more efforts by the Internet giants to persuade customers that their data is secure.”
Marshall concludes by cautioning that organisations and individuals can’t take the internet for granted.  He says:

 

“The Internet contributes more than 8% of our GDP, and this figure is predicted to grow to 12% by 2016. But do we really understand our dependency on the network? Denial of service attacks have been on the rise since 2012, growing in scale and sophistication. Network engineers do an amazing job of keep the Internet running, but many of the protocols at its heart remain insecure. Attacks on directory and routing services have grown in 2013, and we have seen denial of service attacks against banks and media sites often linked to international tensions elsewhere in the world. A major outage of a country’s internet service may be on the cards, but if not, we can expect numerous disruptive DDOS attacks against individual firms sometimes with extortion in mind.”
ENDS

 

Media enquiries:

 

Nahidur Rahman, KPMG Press Office

020 7694 8812 (t), 0788191 6975 (m) or nahidur.rahman@kpmg.co.uk

 

Mike Petrook, KPMG Press Office

020 7311 5271 (t), 07917 384 576 (m) or mike.petrook@kpmg.co.uk

 

KPMG Press Office: 020 7694 8773

 

About KPMG

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.

 

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