The study questioned senior decision makers across a range of UK small and medium-sized enterprises (SMEs), finding that more than half (57%) had suffered an online attack.

However, firms with an annual turnover in excess of £5 million were far more likely to experience cyber-crimes against their company (88%).

These attacks have led to serious consequences in many cases, with more than a fifth of cyber security breaches leading to businesses being forced to pay a ransom (22%).

Personal details are also under threat as these attacks compromised client and staff information in 26% and 23% of cases respectively.

Of those admitting to using company devices to spend time on inappropriate sites, common destinations include the dark web and sites containing pornographic material (both 17%).

Kevin Pratt, financial expert at Forbes Advisor, says: “The nature of the modern workplace means more online devices are being used than ever. This inevitably means that there are more ways that a business could suffer a digital attack. Our research shows that cyber security issues are incredibly common in this country, particularly among firms with a turnover of £5 million or more.

“We’ve also found that a significant proportion of British businesses are without any form of protection against online assaults, and it’s important to address this shortfall by highlighting the consequences of a cyber attack, such as financial losses and breaches of sensitive information.

“Companies can take a number of measures to protect against cyber-attacks, including anti-virus software, firewalls and VPNs. Prevention really is better than cure”

The post Nine In 10 £5m+ Businesses Hit By Cyber Attacks appeared first on IT Security Guru.

With over 2,500 customers in more than [65] countries, Outpost24’s full stack cyber risk management SaaS platform empowers businesses to address the rapidly rising need to improve their cybersecurity posture. Outpost24’s comprehensive set of solutions scan both internal assets and external data sources to discover, assess and prioritise vulnerabilities and threats across potential attack surfaces. It offers industry leading, best-of-breed, cyber risk management solutions in vulnerability management, application security, threat intelligence and access management – in a single platform that is easy-to-use and deploy.

Underpinned by the growing awareness of the mission criticality of cybersecurity, Outpost24 has demonstrated strong long-term organic growth and profitability – quickly developing into one of the most well renowned cyber risk management platforms worldwide. Outpost24 today has a global presence with offices across Europe and the US, with further plans to continue to invest in international expansion during the coming years.

Vitruvian has previously invested in several successful cybersecurity companies including most recently Bitdefender, CFC, and Darktrace as well as numerous Nordic champions that have become international success stories, including Benify, CRF Health, EasyPark, Just Eat, Scrive and Unifaun. Vitruvian is an international investment firm with more than 100 professionals across eight countries and three continents with a focus on market-leading high-growth companies.

“Our vision has always been to make businesses resilient to cybersecurity risk,” said Karl Thedéen, CEO at Outpost24. “Through our partnership with Vitruvian we will have increased opportunities to empower security and business leaders to identify cyber threats and secure their organizations with speed and confidence. The new investment will bolster our ambition to become a global cybersecurity champion by accelerating our product roadmap and increasing our sales and marketing efforts.”

Jussi Wuoristo, Partner at Vitruvian Partners, added: “As the frequency and cost of cyber attacks is quickly increasing, Outpost24 has developed an unrivalled full stack cyber risk management platform that creates tremendous value for businesses around the world. Vitruvian has backed several exceptional global leaders in cybersecurity and we are excited to partner with the team at Outpost24 to help accelerate the company’s international expansion and product innovation.”

Martin Henricson at Monterro, added: “Seeing what we’ve achieved together to help multinational businesses reduce security exposure and prevent cyberattacks has been rewarding. We are extremely proud of the market position and product innovations Outpost24 has accomplished under our ownership and we look forward to seeing continued success for the company as part of Vitruvian.”

The post Outpost24 acquired by Vitruvian Partners appeared first on IT Security Guru.

A new industry report by Blueliv, an Outpost24 company, has deep dived into the evolving threat landscape that is surrounding the financial services sector. Using advanced threat intelligence gathered by Blueliv’s Threat Compass; the ‘Follow the Money’ report reveals the main cyber threats and the culprits behind these malicious attacks to forewarn these vital institutions. 

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