UK’s Big Tech Is Under the Fear of Cyber Attack

UK's Morgan Advanced Materials has reported an incident of a cyber attack on its network

Cybersecurity is a day-to-day operation for many businesses as the cases of cyber attack is constantly increasing. British industrial firm Morgan Advanced Materials reports a cyber attack on Tuesday. The UK's Big Tech said it was assessing a cybersecurity incident after detecting unauthorized activity on its network.

UK's Big Tech faces cybersecurity incident. The manufacturer of a variety of industrial materials, including those that are heat-resistant, announced that it had opened an investigation and was taking measures to guarantee that its businesses could continue to do business with its clients and suppliers.

Today cybersecurity has become a big concern. A significant rise in data breaches and hacks from sources that are becoming more and more widespread in the workplace, such as mobile and IoT (internet of things) devices, can be attributed to a lack of data protection, the consequences of a global pandemic, and an increase in the sophistication of exploits. Additionally, COVID-19 has increased the use of remote workers, paving the way for cyberattacks. Recent security research suggests most companies have poor cybersecurity practices in place, making them vulnerable to data loss. To successfully fight against malicious intent, it's imperative that companies make cybersecurity awareness, prevention, and security best practices a part of their culture.

As a result, Cybersecurity Ventures expects global cybercrime costs to grow by 15 percent per year over the next five years, reaching $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015. In addition to being exponentially larger than the damage caused by natural disasters in a year, this represents the largest transfer of economic wealth in history and poses a threat to the incentives for innovation and investment. It will also be more lucrative than the global trade of all major illegal drugs put together.