Cyber crime costs British banks and businesses more than triple the government's estimate of £26bn a year, says the managing director of Salamanca Group.
Speaking to IBTimes UK exclusively on camera, Heyrick Bond Gunning, who is also the former Head of Kidnap for Ransom at Kroll and set up DHL in Baghdad after the Gulf War, says that businesses face even more risk of cyber-attacks.
Cyber crime has been named in the British Government's National Security Strategy as one of the biggest threats to the country's safety, along with terrorism, war and natural disasters. Yet, recent surveys state that one in five businesses have no protection in place.
Around 98% of cyber-attacks originate from external sources with 97% being avoidable through simple intermediate controls.
Meanwhile, Salamanca Group, the Merchant Bank and Operational Risk business, has launched a cyber-security division to help their clients combat the threat of attacks on computer networks.
Interviewed by Lianna Brinded