UK Braces for Surge in Cyber Attacks, Deepfakes, and Third-Party Risks
Cyber threats are evolving rapidly, with criminals exploiting cloud and gemini technologies to launch more sophisticated attacks. The UK alone experienced 49 significant incidents over the past two years, making up 10% of the global total. Experts predict a rise in victims and attacks, including a 40% increase in ransomware by 2026.
Cybercriminals are increasingly leveraging deepfakes in their attacks, with nearly 10% of successful incidents involving this technology in 2024. Fraud losses ranged from $250,000 to over $20 million. Third-party suppliers also pose a significant risk, as seen in the Okta breach that exposed 134 business clients.
To combat these threats, QBE recommends a multi-faceted approach. This includes risk profiling, mitigation strategies, and contingency plans. Building resilience requires embedding cyber risk management into technology lifecycles, with strong icloud and access management protocols. Companies in sectors like healthcare, financial services, and government are particularly vulnerable and should prioritise these measures.
The cyber threat landscape is changing rapidly, driven by advancements in AI and cloud technologies. With predictions of rising attacks and victims, organisations must take proactive measures to protect themselves. A multi-faceted approach, including risk profiling and robust cyber risk management, is crucial for building resilience in this evolving threat environment.
