New cybersecurity laws to protect businesses from rising threat of cybercrime, Government reveals

New cybersecurity laws will protect businesses from the rising threat of cybercrime, it has been announced.

The new regulations come after research revealed that four in ten businesses (39 per cent) and a quarter of charities (26 per cent) had reported a cyber breach or attack in the last 12 months.

Under the proposed laws, manufacturers of “smart” products – such as Apple, Samsung, and Google – will need to tell customers how long a product will be guaranteed to receive vital security updates.

Nearly half (49 per cent) of all homes have purchased a smart device since the start of the coronavirus pandemic. But failing to update such products with the latest security software can leave businesses vulnerable to harmful exploits.

For example, in 2017 a cyber-criminal was able to steal data from a North American casino by hacking into an internet-connected fish tank, while other criminals have used smart devices such as door bells and security cameras to hack into the personal computers and mobile phones of remote workers.

The new laws will also seek to ban universal default passwords, such as ‘password’ or ‘admin’, that are often preset in a device’s factory settings and are easily guessable, the Government has said.

Welcoming the proposals, Brad Ree, of the Internet of Secure Things (IoXT) Alliance, said: “We applaud the UK government for taking this critical step to demand more from IoT device manufacturers and to better protect the consumers and businesses that use them.

“Requiring unique passwords, operating a vulnerability disclosure program, and informing consumers on the length of time products will be supported is a minimum that any manufacturer should provide. These are all included in the IoXt compliance programme and have been well received by manufacturers around the world.”

According to the latest statistics, the average attack or cybersecurity breach is estimated to cost a business £8,460.

For guidance on how to protect your company from cybercrime, visit the National Cyber Security Centre’s guidance page here.

For help and advice on related matters, please get in touch with our expert team today.

Posted in Business, Technology.