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UK comapny fined £4.4m for failing to stop cyberattack – Yubico comments

Yesterday, 24th October, it was revealed that a UK company was fined £4.4m by the government regarding a cyberattack two years ago. This incident is part of a wider issue of global organisations lacking the modern and effective measures needed to defend against today’s sophisticated cyberattacks and failing to appropriately educate their workforce. Indeed, according toa recent Yubico survey, 54 per cent of employees are not required to go through frequent cybersecurity training and many respondents admitted to relying on username and passwords as their primary method to authenticate into accounts (59 per cent). With many others relying on legacy MFA solutions like one-time passwords, 61 per cent of employees believe their employers should upgrade to phishing-resistant solutions that are able to withstand modern threats.

Niall McConachie, regional director (UK & Ireland) at Yubico, comments on what organisations can do to mitigate the risks posed by cyberthreats:

“Data breaches are one of the most serious security problems faced today, and Interserve is just one of many organisations to have experienced a cyberattack that compromised its employees’ personal and financial information.

“In order to make meaningful progress towards stopping the increasing level of attacks, organisations need to enforce frequent cybersecurity training that is up to date with the current threat landscape. Our own findings show that employees recognise the need for better cybersecurity practices and the need for training to ensure they can identify scams and mitigate certain attacks themselves.

“In addition to educating their workforce, organisations need to implement more modern and robust solutions. Businesses should consider alternative user authentication measures like passwordless, strong two-factor and multi-factor authentication (2FA/MFA) solutions, which have proven to be the most effective options for business-wide cybersecurity. These solutions are user friendly and bridge the gap between internal and external user authentication. In fact, FIDO2 Security Keys are now viewed as the gold standard when it comes to phishing-resistant authentication, mandated by standards bodies and even governments.

“Only with thorough planning, training, and implementing effective cybersecurity along with modern authentication solutions will organisations have a better chance of protecting themselves from powerful and emerging cyberthreats.”

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