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"Major London company" loses £800m in cyber attack

Friday, July 27, 2012

A "major London company" has lost £800m in a cyber attack, said Jonathan Evans, director general of the UK's Security Service (Mi5), in a speech in London on June 25th.

He did not reveal any further information about the name or nature of the company.

The loss was "not just through intellectual property loss but also from commercial disadvantage in contractual negotiations," he said.

"Boards of all companies should consider the vulnerability of their own company to these risks as part of their normal corporate governance - and they should require their key advisors and suppliers to do the same," he said.

'As cyber attacks increase with frequency, unprotected software systems will become an even greater liability. Scotland's oil and gas companies should act now to ensure that they are able to recover from such an attack as quickly as possible," says Sam Mackay, CEO of Asset Guardian Solutions Ltd, an oil and gas IT security company.




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