Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • Sections
  • News

Third of SME workers fall victim to phishing emails during lockdown

Open-access content Thursday 21st May 2020

istock-951545708.png

Almost a third of UK workers at small and medium-sized businesses (SMEs) have fallen victim to phishing emails since the start of the COVID-19 lockdown, with nearly half of those emails related to the pandemic.

That is according to a new study of SMEs by Capterra, which warned that the coronavirus crisis has exposed a lack of preparation for the cyber risks of remote working.

The software research company found that 30% of workers have fallen victim to phishing emails – which hackers use to steal passwords – during lockdown, 45% of which were related to coronavirus. 

The findings also show that 33% of workers have a main password that they use across multiple sites, and that 52% share it between personal and business accounts. 

Moreover, the study found that just 15% of SME workers have strong passwords with randomised letters, numbers, and characters. 

“Over half of the British workforce is now remote as a result of COVID-19,” Capterra said in a blog. “Passwords are often the only barrier to the most valuable data and information in your company. 

“Despite the majority of workers stating they are pleased with working from home, the adoption of security measures still has room for improvement.”

The study also found that a quarter of workers do not know exactly who is responsible for cyber security at their organisation, and that 15% of remote employees have not had any cyber security courses or training 

In addition, the results show the number of workers using firewalls and Virtual Private Network (VPN) is significantly low, with just 8% and 7% doing so respectively.

This comes after James Stickland, CEO of identity authentication software company Veridium, warned that the COVID-19 outbreak poses the greatest cyber security threat to businesses seen in recent times.

He said today: “Capterra’s findings demonstrate the extent to which businesses and employees worldwide are battling with password security, which is directly linked to the high number of phishing attack victims and rising fraud. 

“COVID-19 is now posing the biggest-ever cyber security threat, causing phishing attacks to rise over 600% since February as malicious actors trick users via fake coronavirus alerts. 

“This is forcing businesses to rethink and overhaul their security strategies in an increasingly vulnerable landscape.”

 

Author: Chris Seekings

Image credit: iStock

You may also be interested in...

web_global_warming_istock-123213066.png

COVID-19 could unleash 'avalanche' of systemic shocks – WEF

The world is unprepared for heightened environmental, societal and technological risks brought on by the COVID-19 pandemic, the World Economic Forum (WEF) has warned today.
Tuesday 19th May 2020
Open-access content
iStock-870901960.jpg

Ransomware attacks soar 25% during COVID-19 crisis

Ransomware cyber attacks increased by 25% worldwide in the first quarter of this year compared to the final three months of 2019, based on incidents reported to Beazley Breach Response (BBR) Services.
Tuesday 9th June 2020
Open-access content
web_climate_change_istock-944879710_0.png

New guidance published to help investors integrate climate risks

The Institutional Investors Group on Climate Change (IIGCC) has today published new guidance to help investors integrate the risks and opportunities presented by global warming into their decision making.
Wednesday 27th May 2020
Open-access content
istock-1202790640.png

FERMA calls for new framework to address lack of business interruption insurance

The Federation of European Risk Management Associations (FERMA) has called on the European Commission to create a resilience framework to address a “severe shortage” of business interruption insurance without physical damage (NDBI).
Wednesday 27th May 2020
Open-access content
web_coastal-flooding_istock-472108709.png

Flood Re publishes eight-point plan for flood insurance market

The UK government must not increase flood risk through inappropriate housing development under a new eight-point plan published today by Flood Re.
Monday 1st June 2020
Open-access content
oil-shutterstock_748043437.jpg

Fossil fuel profits forecast to fall by two-thirds

Competition from clean technologies and tough government climate policies could see the fossil fuel industry's profits slashed by two-thirds over the next two decades, a new study has found.
Monday 8th June 2020
Open-access content
Also filed in
News
Topics
Risk & ERM
Technology
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Reserving Analyst

London (City of)
Negotiable
Reference
149485

Senior GI Modeler - Capital and Planning

London (Central)
£ excellent
Reference
149436

Risk Oversight Manager

Flexible / hybrid with a minimum of 2 days per week office-based
£ excellent
Reference
149435
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ