Christmas is supposed to be a time of good cheer, but this time last year a massive cyber-attack on US retail company Target was so bad that it ultimately triggered the resignation of Target’s chief executive the following May.

Many other institutions have also suffered, including those in the financial sector. In October, JP Morgan said it had suffered an attack that compromised accounts for seven million small businesses and 76 million households. The same month, a record 84% of the 202 respondents to a survey by post-trade services operator the Depository Trust & Clearing Corporation identified cyber-risk as one of their top five concerns, a 25 percentage point increase since the last survey was conducted in March 2014.