Cyber threats targeting the UK's Office for Budget Responsibility (OBR) have more than doubled over the past year, coinciding with the approach of Rachel Reeves' crucial Autumn Budget announcement.
Scheduled for November 26th, this announcement will cover new economic policies aimed at addressing the UK's high borrowing costs, with potential adjustments to income tax and inheritance tax anticipated.
The OBR plays an essential role by offering independent analysis of the nation's public finances, which informs the Chancellor of the Exchequer's policy decisions.
Increase in Blocked Email Attacks
Data obtained through the Freedom of Information Act and analyzed by the Parliament Street think tank has revealed a significant rise in blocked email attacks, with the OBR intercepting 238,678 such attempts in the past year, up from 90,958 previously—a 162 percent increase.
Commenting on these figures, Andy Ward, Senior Vice President International at cybersecurity firm Absolute Security, stated, "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."
Phishing: The Predominant Cyber Threat
According to government reports, phishing remains the most prevalent cyber threat to organizations like the OBR. "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," Ward added.
He emphasized the importance of strengthening security measures during such critical events to safeguard sensitive information and ensure capabilities are in place to promptly recover critical operations post-incident.
Data from the National Cyber Security Centre underscores the escalating cyber threat landscape, with the UK contending with four "nationally significant" cyber-attacks weekly. These incidents have the potential to severely disrupt essential services, marking the third consecutive year of rising attack volumes. The NCSC has urged organizations to implement effective protective measures to mitigate these threats.
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