UK firm 'lost £800m to cyber attack'

Posted in: Legal & Security at 26/06/2012 19:18

Cyber attacks by a foreign state resulted in a British company losing £800m in revenue, the head of MI5 revealed yesterday.

This "was not just through intellectual property loss but also from commercial disadvantage in contractual negotiations", said Jonathan Evans. "They will not be the only corporate victims. The extent of what is going on is astonishing, with industrial-scale processes involving thousands of people lying behind both state-sponsored cyber espionage and organised cyber crime."

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MI5 fighting 'astonishing' level of cyber-attacks
MI5 is working to counter "astonishing" levels of cyber-attacks on UK industry, the organisation's chief has said.

In his first public speech for two years, Jonathan Evans warned internet "vulnerabilities" were being exploited by criminals as well as states.

The attacks were a threat to the integrity of information, he added.

Mr Evans also warned the London 2012 Olympics was an "attractive target" for terrorist groups, but said security preparations were well under way.

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