A report published by the National Cyber Security Centre (NCSC) grabbed national headlines last week, as its first analysis of threats to the sports industry revealed at least 70% of institutions suffered a cyber incident in just 12 months. It also found that around 30% of these incidents caused direct financial loss, averaging around £10,000 each time, with the biggest single loss amounting to more than £4million.
In some staggering examples, it transpired that:
In modern society, most things are done through computers. This provides a key opportunity for fraudsters. A number of cyber frauds can be undertaken, which, whilst simplistic in nature, can cause devastating consequences. These include, but are not limited to:
Because almost everyone loves sport, these news headlines have made a common, often underappreciated, problem suddenly become the main topic of conversation. Raising awareness is critical. Cyberattacks are nothing new, in fact, they are becoming the ‘new norm’. In 2018/19 alone, across UK businesses, £2.3billion was reportedly lost to payment diversion fraud.
Here at Tenet we deal with the fall out from cybercrime on a regular basis, as we regularly advise a range of clients, including large corporates, SMEs, regulatory bodies and individuals. We work with clients to minimise the risk, and put in place a number of preventative measures (through training or implementing policies and procedures), but also respond when things go wrong.