Tuesday, June 26, 2012

Security Service(MI5) Director General speaks on cyber security

The Director General of the British Security Service(MI5), Jonathon Evans, spoke at Mansion House on security threats facing the UK including cyber security issues.  Some interesting points fromm the speech include the following.

"Vulnerabilities in the internet are being exploited aggressively not just by criminals but also by states. And the extent of what is going on is astonishing – with industrial-scale processes involving many thousands of people lying behind both State sponsored cyber espionage and organised cyber crime."

"What is at stake is not just our government secrets but also the safety and security of our infrastructure, the intellectual property that underpins our future prosperity and the commercially sensitive information that is the life-blood of our companies and corporations. And the threat to businesses relates not only to major industrial companies but also to their foreign subsidiaries, and to suppliers of professional services who may not be so well protected."

"One major London listed company with which we have worked estimates that it incurred revenue losses of some £800m as a result of hostile state cyber attack – not just through intellectual property loss but also from commercial disadvantage in contractual negotiations. "

The full speech is available here.

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