Cybersecurity threats targeting the UK's Office for Budget Responsibility have seen more than a twofold increase over the past year, coinciding with Rachel Reeves' upcoming critical Autumn Budget.
On 26 November, Reeves is expected to unveil a series of economic measures aimed at tackling the rising cost of borrowing within the UK. Among potential adjustments are anticipated increases in income tax and inheritance tax.
Email attack surge
According to data obtained through the Freedom of Information (FOI) Act and analysed by the Parliament Street think tank, there has been a marked increase in blocked email threats handled by the department.
Over the last year, rejected emails soared to 238,678, a notable rise from 90,958 the prior year, marking a 162 per cent surge.
Andy Ward, SVP International at cybersecurity firm Absolute Security, commented on these developments, stating, "Cyber risks are heightened in the lead up to big events like the Budget, with cybercriminals targeting confidential economic forecasts and spending plans which could be used to influence markets."
Predominant threat: phishing
Phishing remains the primary cyber threat, as reported by the government, with significant concern expressed by security experts. "Our latest research found that 60% of security leaders indicated they expect cyber-attacks to increase in the next 12 months, and this spike is almost entirely driven by human-centric exploitation," continued Andy Ward.
With critical events on the horizon, organisations are urged to enhance their security measures to safeguard sensitive information and quickly recover operations post-incident.
Data from the National Cyber Security Centre (NCSC) underscores the severity of the situation, revealing that the UK faces four "nationally significant" cyber-attacks weekly, each with the potential to disrupt vital services. With attacks rising for the third consecutive year, the NCSC emphasises the need for robust protective actions from organisations.
Understand how converged physical and cybersecurity systems can scale protection.
