“I think the worst-case scenario is probably something affecting financial services or energy provision, because of the potential cascading effects of either of those two”, says RUSI analyst Jamie MacColl.<\/p>\n
“The good news is the financial sector is by far the most heavily-regulated sector in the UK for cyber security. And I think it’s quite telling, there’s rarely been a very impactful cyber attack on a Western bank.”<\/p>\n
The outlook, were there an attack on the energy sector, is not clear. <\/p>\n
A 2015 study by Lloyds Bank, entitled “Business Blackout”, modelled the impact of a hypothetical attack on the US power grid, concluding that economic losses could exceed $1 trillion (\u00a3742bn). However Mr MacColl believes that in the UK, there is probably enough spare capacity in the grid to deal with a cyber incident.<\/p>\n
More concerningly, Mr MacColl thinks the UK has had “quite a laissez-faire approach to cyber security over the past 15 years”, with the issue given little priority by successive governments.<\/p>\n
He believes that this year’s major attacks may be the “cumulative effect of a kind of inaction on cyber security, both from the government and from businesses, and it’s sort of really starting to bite now”.<\/p>\n
That inaction, he says, needs to change, with both regulators and large businesses taking more responsibility. <\/p>\n","protected":false},"excerpt":{"rendered":"“I think the worst-case scenario is probably something affecting financial services or energy provision, because of the potential…\n","protected":false},"author":2,"featured_media":477358,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[51,16,15],"class_list":{"0":"post-477357","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-uk","10":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115325341772245406","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/477357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=477357"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/477357\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/477358"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=477357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=477357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=477357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}