UK Cybercrime Now Costs £1 Billion And Attacks Are Up 22%
UK businesses have been rocked by a 22% increase in cyber-crime in the past year, losing over £1bn in the process, the latest figures show, although even this is only a fraction of the real total according to the police.
Government-backed Get Safe Online and the UK’s national fraud and cyber-crime reporting centre Action Fraud said that, on average, each police force in the UK recorded more than £19.5m in losses by businesses in their area, but they say the true figure could be even higher as not all cyber-crimes are reported.
Meanwhile Get Safe Online said it is clear from the data that businesses need to do more to ensure their staff have appropriate online fraud awareness training, so that everyone understands their role in keeping the business secure.
Recently, a separate report claimed that online security training at most UK businesses was virtually non-existent.
Analysis of data shows so-called "mandate fraud" is becoming an increasingly concern for businesses, where fraudsters trick employees into changing a direct debit or standing order by pretending to be a supplier. This has risen by 66% in the past year alone, with 2,323 reported cases.
Other types of fraud which have risen dramatically include CEO fraud, where an employee is hoodwinked into making a payment through an email purporting to be from a senior manager – and extortion, where files on a computer or entire network are rendered inaccessible by ransomware until a release fee is paid.
Corporate employee fraud, where staff or ex-staff obtain property or compensation through fraud, or misuse corporate cards and expenses, is also on the rise, with 1,440 cases recorded in 2015 – 2016.
Garry Lilburn, detective inspector at the Metropolitan Police's cyber-crime unit, admitted current reporting mechanisms are “clunky”, although he confirmed there are plans to replace them.
