Warning over 'growing' cyber attack risk

Confidence in financial services could be undermined

The Financial Services Authority has issued a warning to Island businesses, following figures last week suggesting 'cyber attacks' are on the rise.

A guidance document claims tech-based crime is becoming ever more prevalent, sophisticated and costly - and that successful attacks can 'undermine confidence in the Island's financial services sector as a whole'.

The report outlines the various types of cyber attack that are used to target companies: from data theft and 'phishing' scams to advanced malicious software and hacking.

It also contains examples of real-life attacks that have cost local companies millions of pounds in recent years.

Among the top tips issued are having an effective cyber attack contingency and recovery policy; backing up valuable data; keeping anti-virus software up-to-date; and conducting regular security tests.

There's also a word of advice that employees, contractors and service providers can be a 'significant source of cyber incidents' - so keeping a close watch is essential.